Debate: Austrian vs. Chicago Economics
The Soho Forum Debates
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Economic Debates: Austrian vs. Chicago Schools
This chapter explores the fundamental differences between the Austrian and Chicago schools of economics, focusing on the concepts of cardinal and ordinal utility, and how they relate to preferences and uncertainty. It critiques methodologies used by each school, especially the Chicago school's reliance on aggregate data, and discusses the implications on government policies. The chapter also highlights historical contexts and anecdotes that illuminate the ongoing debates within these economic frameworks.
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