Two Counter-Revolutions: The Chicago and Austrian Schools and the Consumption Paradigm
Looks at the major responses from Keynes’ critics, highlighting how they—ironically—participated in and actually strengthened the process of transforming economics into a moral crusade for the satisfaction of consumer appetites, while claiming to be morally neutral. The Austrian economists failed to challenge the core anthropological principles Keynes had laid out, while Milton Friedman and the Chicago school affirmatively embraced those principles. Both schools conflicted sharply with Keynesianism at the level of policy, but that very conflict had the effect of reinforcing the Consumption paradigm anthropology that was embraced or at least acquiesced in by all parties.
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