Follow posts tagged #chicago school in seconds.Sign up
“The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping master in a slave plantation.”—Frank H. Knight, in the Journal of Political Economy (Dec. 1938, p869)
Great article by Deirdre McCloskey
Excerpt from an article on the Chicago School, positive economics, and how value cannot be separated from science.
Stigler: Milton, you’re such a preacher! If people want free trade, they’ll get it. If they don’t want it, no amount of jaw-boning by economists will change their minds.
Friedman: Ah: that’s where we differ, George. We both admire markets, but you think they’ve already worked. In this case the political market: you think what is, is an equilibrium of markets.
Stigler: And why not? People are self-interested, and they vote their pocketbooks.
Friedman: No, people are self-interested but often do not know what their interests are. They need education. The average citizen has no idea that a tariff hurts him.
Stigler: Education! Try educating a lobbyist for the sugar industry.
Friedman: As I said, that’s where we differ. I’m a teacher, and I think that people do some things because they are ignorant.
Stigler: And I’m a behavioral scientist. I assume rationality.
Friedman: And I advocate it.
Christina RambergI love how the texture and graphic nature of her works take precedence over (or are the primary focus of) each piece she creates. When I look at her strikingly graphic pieces, the subject or thing being portrayed seems more and more secondary to me. The colors and compositions are very stylized and intriguing as well, because she uses a specific manner of creating rather ambiguous forms. Furthermore, the meticulous details of each work are absolutely breath-taking as they are arresting.