The articles collected in the three-volume set of Chicago Price Theory illustrate elements of continuity and change in the development of the Chicago School. Its editors stress a continuity in price theory at Chicago that runs from Frank Knight to Gary Becker. Our main contribution in this...

The bulk of James Buchanan's contributions to political economy occupy 20 volumes in Liberty Fund's collection of his works. Reading those works shows both that Buchanan injected new strands of thought into that tradition and that his oeuvre contains points of apparent incoherence. To speak of a...

The present 77 page document is my set of notes used in a five-part reading group on Larry Siedentop's great book Inventing the Individual: The Origins of Western Liberalism. The document contains a link to the set of videos online

Henry Hazlitt was a public intellectual who had unusual strength in both economic reasoning and articulation and played a central role in communicating the ideas of classical or ‘orthodox’ economics to the general public. He occupied a unique position in the mid-20th century intellectual...

Adam Smith infused the expression “impartial spectator” with a plexus of related meanings, one of which is a super-being, which normally would aptly take the definite article the, and which bears parallels to monotheistic ideas of God. As for any genuine, identified, human spectator of an...

The American system of political economy surely faces a fiscal crisis illustrated by but not limited to a trend of growing deficits and debt that cannot continue. What can’t continue won’t continue. In what fashion change occurs will be governed by forthcoming interactions between power and...

Ronald Coase wrote the 1949 memo that guided the discussion of the Fabian Research Group on broadcasting. In the evidence presented to the Beveridge Committee on broadcasting, the Fabians endorsed his recommendations by and large. These two facts have previously escaped notice and, as a result,...

This paper uses the 19th century concern with “the social question” as a vehicle to explore how the theories we use can shape, for better or for worse, our insights into our subjects of interest. Contemporary thinking mostly channels the social question into a focus on inequality in the...

What is the role of the entrepreneur in Carl Menger’s account of the market process? Modern entrepreneurship theory is broadly divided into two types. The Schumpeterian account of entrepreneurship takes an equilibrium state of affairs as an analytic starting point from which the entrepreneur...

Why were the rating agencies trusted? When they became required for Federal deposit insurance their incentives for upward bias was common knowledge. The requirement was attacked by a Chicago economist, Melchior Palyi, on philosophical grounds (the expertise is excessively secret) and technical...