Getting the download link through email is temporarily not available. Please check back later.
To get the free app, enter your mobile phone number.
Vienna & Chicago, Friends or Foes?: A Tale of Two Schools of Free-Market Economics Paperback – July, 2005
See the Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.
Frequently Bought Together
Customers Who Bought This Item Also Bought
From the Inside Flap
In his new book, Vienna and Chicago, Friends or Foes? economist and author Mark Skousen debates the Austrian and Chicago schools of free-market economics, which differ in monetary policy, business cycle, government policy, and methodology. Both have played a successful role in advancing classic free-market economics and countering the critics of capitalism during crucial times and the battle of ideas. But, which of the two is correct in its theories?
Vienna and Chicago, Friends or Foes? includes interviews with economists in both camps, uncovering their strengths and weaknesses. At the end of each chapter, Skousen declares whos right and whos wrong either with "Advantage, Vienna," or "Advantage, Chicago." The results are surprising, and Professor Skousen ends his provocative and timely work by attempting to foster common ground between these two warring schools.
From the Chicago school: "This tale is thorough, thoughtful, even-handed, and highly readable. All economists, of whatever school, will find it both instructive and entertaining." Milton Friedman From the Austrian school: "In his upbeat tale of two schools, Skousen gives us a delightful blend of theory, history, and political science, and shows that there is much common ground and scope for development." Roger W. Garrison
About the Author
Top Customer Reviews
The book sides with the Chicago school on it's focus on empirical data, where the Austrians prefer theoretical and logical arguements. The Chicago school suggests business cycles are purely a function of money, while the Austrian school gets solid marks for it's explanations of the temporal (capital overinvestment over time) natures of business cycles.
The book is balanced enough that one can learn and make the most out of both schools. It's rooted in both the history of the ideas, as well as how they've fared over time. It also covers how the ideas have changed over time. (Chicago was initially anti-concentration of industry, but changed over time, as the data suggested industry concentration rarely created true pricing power.) Take the book with a warning though - it's not an introductory textbook, and not aimed at the uninitiated. But for those interested in various approaches to free market economics (it's not a monolith) it's an outstanding resource.
I thought Dr Skousen was very game in suggesting that the Mises Institute had a siege mentality when it came to the defense of the Austrian school. I would also suggest that their partisan position is actually hindering further research and developments based upon the Austrian paradigm.When you regard your leader or school as been the final repository of truth and wisdom, where can you go from there? This may be one reason why most Austrian economists find it so hard to get good positions in top universities. They are regarded by their peers as being closed minded!
I also thought this book so good I gave it away to one of my graduate students who was leaning towards the church of Keynes. This book helped save him!
A great buy and a great read!
Most Recent Customer Reviews
It's an easy read that succinctly lays out the basics. It's a great primer for the non economist.Published 21 months ago by Ryan Adler
I've struggled to get a clear explanation of the differences between monetarists and austrian economists. No more!!.. Read morePublished on March 2, 2012 by Robert Kirk
Any student of economics should read this fascinating book. Skousen covers a neglected school of thought known as Austrian economics--a discipline rarely discussed on TV or in the... Read morePublished on October 26, 2011 by J. Davis
The author has taken lots of effort to dig up the information about both schools: the Chicago school led by Milton Friedman and Austrian school led by Mises. Read morePublished on June 5, 2011 by Anandasubramanian
Almost every Ph.D. program in Economics around the world teaches Neoclassical Economics as the correct way to model economic activity. While writing my Ph.D. Read morePublished on October 8, 2009 by Herbert Gintis
Overall, I really liked this book. The opportunity to gain insight into the differences and similarities between the two big free-market schools of economic thought from one of... Read morePublished on July 28, 2009 by Riles Drey
A very good book. The history and the theories of the Austrian School and the Chicagoan School written in a very plain and understandable way. Read morePublished on September 8, 2008 by Massimo Ferrari
In this book Mark Skousen compares and contrasts the ideas of the two most prominent schools of free market economics. Read morePublished on May 14, 2008 by Doug
Those interested in economic history as well those who sympathize with the Chigaco or Austrian Schools will find this to be a great read. Read morePublished on July 6, 2007 by Michael J. Morin