The New Yorker: The Chicago School Reconsidered

In this week’s New Yorker, Professors from Chicago Booth figure prominently in an article entitled “After the Blowup.” The article profiles Richard Posner, a former Chicago School economist (the market is efficient and self-correcting) who repudiates his long held ideas in favor of Keynesian economics (government intervention moderates economic problems) and thus takes on Chicago Booth professor Eugene Fama, who pioneered the efficient market theory. As we read about economic theory, we also come to know some of the personalities at the school – professors Becker and Thaler – and gain a window into academia and human nature.  Quite an interesting read…