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Eleven - The Chicago School, Hayek, and Neoliberalism

from Part Four - Debating “Chicago Neoliberalism”

Published online by Cambridge University Press:  05 November 2011

By
Bruce Caldwell
Edited by
Robert Van Horn ,
Philip Mirowski  and
Thomas A. Stapleford
Bruce Caldwell
Affiliation:
Duke University
Robert Van Horn
Affiliation:
University of Rhode Island
Philip Mirowski
Affiliation:
University of Notre Dame, Indiana
Thomas A. Stapleford
Affiliation:
University of Notre Dame, Indiana
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Summary

The tracing of influences is the most treacherous ground in the history of thought.

– F.A. Hayek 1979, The Counter-Revolution of Science, 358.

Friedrich A. Hayek taught at the University of Chicago from the fall semester of 1950 through 1962, a period during which the second, or new, Chicago School of Economics was formed. The question naturally arises: What was his role in its formation?

A quick look at the historical record, and common sense itself, suggests that it must have been close to nil. Milton Friedman, whom many would consider the central figure in the School, was hired in 1946, before Hayek had arrived. Hayek tried to get a job in the economics department in 1948, but they declined to make him an offer. He ended up instead on the Committee on Social Thought. During his time at Chicago (1950–1962) Hayek worked principally on political philosophy rather than economics, with The Constitution of Liberty (1960) being the end result. And Hayek famously disagreed with the leader of the Chicago School, Milton Friedman, on monetary theory and methodology, two of the defining aspects of Friedman’s legacy.

Type
Chapter
Information
Building Chicago Economics
New Perspectives on the History of America's Most Powerful Economics Program
 , pp. 301 - 334
Publisher: Cambridge University Press
Print publication year: 2011

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