Interview with John Cochrane

I interviewed John Cochrane in his office at the Booth School of Business, and I began by asking him about the economics of today's Chicago, and how it differed from the strident free-market school of a bygone era—the Chicago of Milton Friedman and George Stigler.

John Cochrane: This is not an ideology factory. This is a place where we think about ideas and evidence. Gene Fama is in the next-door office. Dick Thaler is across the hall. Rob Vishny is just down the corridor. The Chicago of...