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Title : The Austrian Schoolhouse Versus The Chicago School: Should Nosotros Terminate The War?
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The Austrian Schoolhouse Versus The Chicago School: Should Nosotros Terminate The War?

Walter Block writes:

As a final result of this interchange (https://www.lewrockwell.com/lrc-blog/a-correspondence-with-a-professor-from-a-very-prestigious-university/), I received the next missive from W (there are half dozen letters inwards this conversation):

Letter 1

From: W
Sent: Sunday, August 05, 2018 9:30 PM
To: Walter Block
Subject: Re:

Walter,

L said this: “I am unaware of Stigler clarifying his alter of catch regarding anti-trust legislation inwards his after writings.” That does non hateful that it does non exist. Stigler was for sure never bashful close expressing his views. Since he came to believe that long-term marketplace forces worked improve than anti-trust legislation to mitigate against monopoly, I strongly suspect that it tin last institute with his writings.

Finally, I convey ever been the optimist — SR pessimist, LR optimist! I convey given several talks to graduates too academy audiences to that effect. Given my organized faith inwards the persistence, efficiency, too rewards of our marketplace organisation compared to whatever electrical flow political regime, I convey consistently argued that at worst nosotros would “muddle through” too at best sense incredible increase too rising standards of living. On the other hand, it is currently my sense that never inwards my 50-year career has freedom, the market, too our Republican authorities been nether greater threat. Progressives are coming out from nether every rock. Socialism rather than existence institute entirely inwards historic dustbins is something openly espoused yesteryear major political figures too the young.

If I am correct, I strongly believe the 60-year-old battle betwixt the Austrians too the Chicago School is a battle nosotros tin sick afford to come about waging against each other. Combined, at this fourth dimension nosotros probable produce non stand upwards for to a greater extent than than 10 percentage of the economic science profession. We convey a terrible of import battle to fight; for the showtime time, I convey my doubts that nosotros tin win. Fighting with ourselves volition entirely weaken our cause. Yours truly, W

Letter 2

On Mon, Aug 6, 2018 at 1:09 AM, Walter Block wrote

Dear W:

Can’t nosotros Austrians struggle a 2 front end war? One, of course, against the commie, progressive, pinko, liberal left. But, some other against the wicked Chicagoites, pushing their fed, their voucher systems, their negative income taxes, their malevolent universal basic income plans? In a sense, they are fifty-fifty worse than our friends from the left: they actually should know better, whereas who tin await whatever modicum of sense from the left on economical issues?

More reading for you, from Sherwin Rosen, come across below; this shows that the Chicagoites assault us Austrians, non entirely the other way around. Also, the Chicagoites instruct at Chicago, UCLA, too many other prestigious places. Where produce the Austrians handgrip faculty positions at? To inquire this is to respond it. How close them existence dainty to us? When’s the final fourth dimension they hired an Austrian? Never, that’s when. Friedman too Stigler blackballed Hayek from the Chicago econ dept. He taught there, but entirely at the commission of social thought. Did whatever of them ever they ever hire Rothbard? Mises?

If y'all tin present me a publication of Stigler’s that opposed antitrust law, root too branch, non only because (borrowing a foliage from Friedman) it mightiness terms to a greater extent than than its gains inwards reducing or eliminating the so called dead weight loss of marketplace monopoly, I’ll consume my hat. Well, publicly apologize to Stigler.

Nor is “…to believe that long-term marketplace forces worked improve than anti-trust legislation to mitigate against monopoly,” proficient plenty to ward off the intellectual state of war I suggest to come about fighting against the Chicagoans (while of course of report continuing to give them credit on issues where they are good: gratis trade, rent control, minimum wage, etc).

This bespeaks a misunderstanding of the right Austrian view. “Market forces” are totally impotent to larn rid of monopoly, for that is necessarily based on a grant of authorities privilege, too thence impervious to the marketplace. The gratis enterprise organisation cannot “mitigate” against crony capitalist monopoly. What close large sized firms with gigantic Herfendahl indices? They are non monopolies, provided they attained their position through agency compatible with libertarianism; e.g., no crony capitalism.

Here is Sherwin Rosen’s assault on Austrians:

Rosen, Sherwin. 1997. Austrian too Neoclassical Economics: Any Gains from Trade?, Journal of Economic Perspectives, Vol. 11, No. 4, Fall, pp. 139-152; http://www.econ.ucla.edu/doepke/teaching/resources/e202ros.pdf

Here is my response to him:

Block, Walter E., Christopher Westley too Alex Padilla. 2008. “Internal vs. external explanations: a novel perspective on the history of economical thought,” Procesos De Mercado: Revista Europea De Economia Politica; number 2, pp. 35-132; http://dialnet.unirioja.es/servlet/listaarticulos?tipo_busqueda=EJEMPLAR&revista_busqueda=6790&clave_busqueda=217457

Dear Walter:

Letter 3:

At to the lowest degree Sherwin Rosen took the Austrians seriously, which has been i of their valid complaints.

Letter 4:

On Mon, Aug 6, 2018 at 10:49 AM, Walter Block wrote:

Dear W:

Took us seriously? Consider how Rosen trashed Austrians; he said, inwards effect, that Chicagoans were right (where they disagreed, he admitted an overlap) too Austrians incorrect, since at that topographic point were to a greater extent than of the erstwhile than the latter. But, at i time, the apartment earthers outnumbered the circular earthers. At i time, those who believed the Sun revolved closed to the globe were inwards the majority. You can’t infer truth yesteryear a olfactory organ count, equally does Rosen.

I suggest y'all reread the showtime of these, too and so the second:

Rosen, Sherwin. 1997. Austrian too Neoclassical Economics: Any Gains from Trade?, Journal of Economic Perspectives, Vol. 11, No. 4, Fall, pp. 139-152; http://www.econ.ucla.edu/doepke/teaching/resources/e202ros.pdf

Block, Walter E. 2000. Austrian Journals: H5N1 Critique of Rosen, Yeager, Laband too Tollison too Vedder too Gallaway,” Quarterly Journal of Austrian Economics, Vol. 3, No. 2, Summer, pp. 45-61; http://www.mises.org/journals/qjae/pdf/qjae3_2_4.pdf

I regard the latter equally a full obliteration of the former.

Letter 5:

From: W
Sent: Tuesday, August 07, 2018 2:11 PM
To: Walter Block
Subject: Re: Larry Wimmer contact info

To Walter:

You are correct, Sherwin’s article was largely critical of Austrian Economics. When I said that at to the lowest degree he took Austrian Economics seriously, isn’t a critical article inwards a prestigious, widely read mag improve than existence ignored? I suspect that his article caused some contemplation too searching that mightiness non convey occurred otherwise. Along with many others, I believe Sherwin was on rail for a Nobel Prize. He took fourth dimension out of busy professional person schedule to write a slice inwards the Journal of Economic Perspectives that was quite far afield from his professional person emphasis. And y'all received a jeopardy to write an a rejoinder that probable had a wider audience.

Letter 6:

Dear W: You are correct. I’ll allow y'all convey the final (substantive) give-and-take on this conversation. Best regards, Walter

The higher upwards originally appeared at LewRockwell.com

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