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The Soho Forum Debates
Debate: Austrian vs. Chicago Economics
Jul 5, 2024
David Friedman, an economist and legal scholar known for his book 'The Machinery of Freedom,' engages in a lively debate with Gene Epstein, former economics editor at Barron's. They tackle the stark contrasts between Austrian and Chicago economics, discussing the relevance of economic intuition versus empirical data. Topics include the interpretations of utility, the critiques of government policies, and the complexities of non-rational behavior in economic predictions. Their exchange challenges listeners to reconsider entrenched economic doctrines.
01:34:11
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Quick takeaways
- Gene Epstein argues that Austrian economics provides essential insights like ordinal utility and the entrepreneurial role, lacking in Chicago economics.
- David Friedman counters that both schools apply concepts like ordinal utility effectively, disputing the exclusivity of Austrian economic intuitions.
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Overview of the Debate
The debate focused on whether the Austrian School of Economics, represented by Ludwig von Mises and Murray Rothbard, is superior to the Chicago School of Economics, represented by Milton and David Friedman. The resolution asserted that Austrian economics contains valuable economic intuitions that are both important and absent from Chicago School thought. Each side was represented by Gene Epstein defending the Austrian perspective, emphasizing its unique insights such as ordinal utility and the role of the capitalist entrepreneur, and David Friedman countering with critiques that claimed these insights were not exclusive or were fundamentally flawed. The debate was moderated by Dennis Pratt and included historical references and individual economic contributions from both schools.
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