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33min chapter
Debate: Austrian vs. Chicago Economics
The Soho Forum Debates
Austrian vs. Chicago Economics: Key Contrasts
This chapter explores the fundamental differences between Austrian and Chicago Schools of Economics, focusing on their approaches to utility and consumer satisfaction as well as the critiques of wage exploitation and capital. Key figures like Ludwig von Mises and Milton Friedman are discussed, illustrating the philosophical divide regarding empirical data versus economic intuition. The chapter also critiques concepts such as cardinal and ordinal utility, highlighting how these schools interpret economic theory and decision-making under uncertainty.
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