Where Economics Went Wrong Quotes

“while he had strong moral beliefs about appropriate policy, he did not require his colleagues to necessarily share those beliefs. Nor was Knight one to equate market outcomes with morality. In later years, his former students would be tempted successfully to migrate toward such a precarious direction. “Frank Knight was conservative. His prime characteristic was that he was a flaming atheist and he just couldn’t leave the subject alone. He was an iconoclast, but he was also very critical of simple conservatism. His views were complicated” (Conversation with Paul Samuelson, October 1997).”
― David Colander, Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism

“In this chapter we discuss this stillbirth of the Virginia School by focusing on two of the approaches developed in Virginia at that time. We label one the Coasian institutionalist approach (named after Ronald Coase). We see this particular methodology as a clear attempt to maintain the sort of Classical Liberal thought fashioned in an earlier period by Frank Knight. The other, which we denote as the Buchanan political economy approach (named for James Buchanan), also had a stronger commitment to Classical Liberal methodology than did the Stigler/Friedman/Director version rapidly spreading within the Chicago campus.”
― David Colander, Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism