#chicagoschool — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #chicagoschool, aggregated by home.social.
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@ChrisMayLA6 @timagal You forget that this is the preordained, correct answer:
The Chicago School of Economics wraps ideology in academic language. They start with “markets good, government bad” and work backwards. Core assumptions like rational actors & efficient markets are treated as unfalsifiable. Failed to predict 2008. Mirowski called it laundering ideology through science. “Academic” in quotes describes it. #Economics #ChicagoSchool
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@ChrisMayLA6 @timagal You forget that this is the preordained, correct answer:
The Chicago School of Economics wraps ideology in academic language. They start with “markets good, government bad” and work backwards. Core assumptions like rational actors & efficient markets are treated as unfalsifiable. Failed to predict 2008. Mirowski called it laundering ideology through science. “Academic” in quotes describes it. #Economics #ChicagoSchool
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Tortoise - "A Title Comes" (video by Nespy5euro) [2025, IL, Post-Rock, Chicago School]
On TIDAL: https://tidal.com/track/470366728/u
… from the album *Touch* by Tortoise: https://rateyourmusic.com/release/album/tortoise/touch/
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#SciFi #Psychohistory #Asimov
(2/3)...a marxist to a free-marketeer within weeks by one of his professors, a founder of the #ChicagoSchool.
For decades, he has been one of the key Republican scientific cornerstones that paved the way for #RonaldReagan and ultimately #TFG.
How would #UShistory be different w/o these two impactful presidents?
This is but one example. I didn't pick an emperor like # #Augustus or a dictator like #Sulla, #Hitler, #Stalin or #Putler...
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#SciFi #Psychohistory #Asimov
(2/3)...a marxist to a free-marketeer within weeks by one of his professors, a founder of the #ChicagoSchool.
For decades, he has been one of the key Republican scientific cornerstones that paved the way for #RonaldReagan and ultimately #TFG.
How would #UShistory be different w/o these two impactful presidents?
This is but one example. I didn't pick an emperor like # #Augustus or a dictator like #Sulla, #Hitler, #Stalin or #Putler...
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No argument here about the fallacy of “objectivism”.
I’m an advocate of the Lakoff “truth sandwich” and @jayrosen_nyu’s “stakes not odds” reporting
However, I think the bigger issue is massive corporate consolidation post-1980, advocated by #Reagan #Republicans but aided and abetted by “ #ChicagoSchool” #economists like #MiltonFriedman.
“Rational actors” - bah.
“Natural monopolies don’t exist” - humbug. -
No argument here about the fallacy of “objectivism”.
I’m an advocate of the Lakoff “truth sandwich” and @jayrosen_nyu’s “stakes not odds” reporting
However, I think the bigger issue is massive corporate consolidation post-1980, advocated by #Reagan #Republicans but aided and abetted by “ #ChicagoSchool” #economists like #MiltonFriedman.
“Rational actors” - bah.
“Natural monopolies don’t exist” - humbug. -
@GottaLaff Sounds like a page right out of #ShockDoctrine #ChicagoSchool
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@GottaLaff Sounds like a page right out of #ShockDoctrine #ChicagoSchool
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CW: Long thread/16
All of this leads to #RegulatoryCapture - when a regulator starts defending an industry from the public interest, instead of defending the public from the industry. The term "regulatory capture" has a checkered history. It comes out of a bizarre, far-right #ChicagoSchool ideology called #PublicChoiceTheory, whose goal is to *eliminate* regulation, not fix it.
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CW: Long thread/16
All of this leads to #RegulatoryCapture - when a regulator starts defending an industry from the public interest, instead of defending the public from the industry. The term "regulatory capture" has a checkered history. It comes out of a bizarre, far-right #ChicagoSchool ideology called #PublicChoiceTheory, whose goal is to *eliminate* regulation, not fix it.
16/
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CW: Long thread/18
If that sounds implausible to you, then you've gotten trapped in the neoliberal mind-palace.
The term #RegulatoryCapture was popularized by far-right #ChicagoSchool economists who were promoting #PublicChoiceTheory. In their telling, regulatory capture is *inevitable*, because companies will spend whatever it takes to get the government to pass laws making what they do legal, and making competing with them into a crime:
https://pluralistic.net/2022/06/13/public-choice/#ajit-pai-still-terrible
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CW: Long thread/18
If that sounds implausible to you, then you've gotten trapped in the neoliberal mind-palace.
The term #RegulatoryCapture was popularized by far-right #ChicagoSchool economists who were promoting #PublicChoiceTheory. In their telling, regulatory capture is *inevitable*, because companies will spend whatever it takes to get the government to pass laws making what they do legal, and making competing with them into a crime:
https://pluralistic.net/2022/06/13/public-choice/#ajit-pai-still-terrible
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#Chile #Allende #SantiagoSchool #ChicagoSchool #Neoliberalism #Socialism: "The Santiago School owes its existence to the fact that the UN Economic Commission for Latin America and the Caribbean (Cepal) is headquartered in the Chilean capital. For the first few decades after its launch in 1948, this institution challenged the mainstream account of free trade – and technology’s role in it – which has been espoused by economists in Chicago and the Massachusetts Institute of Technology (MIT).
Imagine a richer country selling cars to a poorer one, which, in turn, reciprocates with bananas. As the two specialise and introduce technological innovations, prices of both commodities fall. Everyone is happy; progress marches ahead.
The Cepal economists disagreed with this rosy prediction, arguing that, over time, the developed countries tend to come out stronger from such trades. First, technological innovation benefits the car manufacturers more than it helps the banana growers; you can’t 3D-print tropical fruit. Second, rich countries that typically produce more advanced goods also have powerful trade unions, who, in defending the interests of their workers, also prevent the prices of cars from adjusting as swiftly as those of bananas."
https://www.newstatesman.com/the-weekend-essay/2023/09/salvador-allende-fight-big-tech
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#Chile #Allende #SantiagoSchool #ChicagoSchool #Neoliberalism #Socialism: "The Santiago School owes its existence to the fact that the UN Economic Commission for Latin America and the Caribbean (Cepal) is headquartered in the Chilean capital. For the first few decades after its launch in 1948, this institution challenged the mainstream account of free trade – and technology’s role in it – which has been espoused by economists in Chicago and the Massachusetts Institute of Technology (MIT).
Imagine a richer country selling cars to a poorer one, which, in turn, reciprocates with bananas. As the two specialise and introduce technological innovations, prices of both commodities fall. Everyone is happy; progress marches ahead.
The Cepal economists disagreed with this rosy prediction, arguing that, over time, the developed countries tend to come out stronger from such trades. First, technological innovation benefits the car manufacturers more than it helps the banana growers; you can’t 3D-print tropical fruit. Second, rich countries that typically produce more advanced goods also have powerful trade unions, who, in defending the interests of their workers, also prevent the prices of cars from adjusting as swiftly as those of bananas."
https://www.newstatesman.com/the-weekend-essay/2023/09/salvador-allende-fight-big-tech
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CW: Long thread/4
Predatory pricing used to be illegal, but #ChicagoSchool #economists convinced judges to stop enforcing the law on the grounds that predatory pricing was *impossible* because no rational actor would choose to lose money. They (willfully) ignored the obvious possibility that a #VC fund could invest in a money-losing business and use predatory pricing to convince retail investors that a pile of shit of sufficient size *must* have a pony under it somewhere.
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CW: Long thread/4
Predatory pricing used to be illegal, but #ChicagoSchool #economists convinced judges to stop enforcing the law on the grounds that predatory pricing was *impossible* because no rational actor would choose to lose money. They (willfully) ignored the obvious possibility that a #VC fund could invest in a money-losing business and use predatory pricing to convince retail investors that a pile of shit of sufficient size *must* have a pony under it somewhere.
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Despite my arguments with @delong, this is pretty good
https://braddelong.substack.com/p/why-do-economists-ignore-the-greatest-1d7
#economics #chicagoschool #inequality -
Speaking of this mind and conscious stuffing: today makes an amazing day to take some time and read #Mead's "Social Psychology as Counterpart to Physiological Psychology"
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#Economy #Economics #Monopolies #PredactoryPricing #ChicagoSchool #VenturePredator: "These models of successful predation are decades old, and have broad acceptance within economics – outside of Chicago-style ideologues – but they've yet to make much of a dent in minds of the judges who hear Predatory Pricing cases.
While judges continue to hit the snooze-bar on any awakening to this phenomenon, a new kind of predator has emerged, using a new kind of predation: the Venture Predator, a predatory company backed by venture capital funds, who make lots of high-risk bets they must cash out in ten years or less, ideally for a 100x+ return.
Writing in the Journal of Corporation Law Matthew Wansley and Samuel Weinstein – both of the Cardozo School of Law at Yeshiva University – lay out a theory of Venture Predation in clear, irrefutable language, using it to explain the recent bubble we sometimes call the Millennial Lifestyle Subsidy:"
https://pluralistic.net/2023/05/19/fake-it-till-you-make-it/
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#Economy #Economics #Monopolies #PredactoryPricing #ChicagoSchool #VenturePredator: "These models of successful predation are decades old, and have broad acceptance within economics – outside of Chicago-style ideologues – but they've yet to make much of a dent in minds of the judges who hear Predatory Pricing cases.
While judges continue to hit the snooze-bar on any awakening to this phenomenon, a new kind of predator has emerged, using a new kind of predation: the Venture Predator, a predatory company backed by venture capital funds, who make lots of high-risk bets they must cash out in ten years or less, ideally for a 100x+ return.
Writing in the Journal of Corporation Law Matthew Wansley and Samuel Weinstein – both of the Cardozo School of Law at Yeshiva University – lay out a theory of Venture Predation in clear, irrefutable language, using it to explain the recent bubble we sometimes call the Millennial Lifestyle Subsidy:"
https://pluralistic.net/2023/05/19/fake-it-till-you-make-it/
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They said it couldn't happen. After decades of #antitrust enforcement against #PredatoryPricing - selling goods below cost to kill existing competitors and prevent new ones from arising - the #ChicagoSchool of neoliberal #economists "proved" that predatory pricing didn't exist and that the courts could stand down and stop busting companies for it.
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They said it couldn't happen. After decades of #antitrust enforcement against #PredatoryPricing - selling goods below cost to kill existing competitors and prevent new ones from arising - the #ChicagoSchool of neoliberal #economists "proved" that predatory pricing didn't exist and that the courts could stand down and stop busting companies for it.
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CW: Long thread/15
Rent control "causes widespread shortages, leaving would-be renters high and dry while screwing landlords (the road to hell, so says the orthodox economist, is paved with good intentions)."
That's been the received wisdom for decades, fed to us by #ChicagoSchool economists who are so besotted with their own mathematical models that any mismatch between the models' predictions and the real world is chalked up to errors in the real world, not the models.
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CW: Long thread/15
Rent control "causes widespread shortages, leaving would-be renters high and dry while screwing landlords (the road to hell, so says the orthodox economist, is paved with good intentions)."
That's been the received wisdom for decades, fed to us by #ChicagoSchool economists who are so besotted with their own mathematical models that any mismatch between the models' predictions and the real world is chalked up to errors in the real world, not the models.
15/
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CW: Long thread/6
That leads to votes for politicians who are willing to tax rich people. Thus do we find ourselves on #TheRoadToSerfdom:
https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/
Other realists go even further, suggesting that anyone who disagrees with orthodox (#ChicagoSchool) economists shouldn't be allowed to vote: "[a]nyone who opposes surge pricing should be disenfranchised. That’s how we should decide who decides in epistocracy."
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CW: Long thread/6
That leads to votes for politicians who are willing to tax rich people. Thus do we find ourselves on #TheRoadToSerfdom:
https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/
Other realists go even further, suggesting that anyone who disagrees with orthodox (#ChicagoSchool) economists shouldn't be allowed to vote: "[a]nyone who opposes surge pricing should be disenfranchised. That’s how we should decide who decides in epistocracy."
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1930s Chinese female sociologists Zhou Shuzhao, Liu Qingyu & Xu Huifang theorized that social conditions rather than biology shaped the crimes of women, according to Stephanie Montgomery who reconstructs their intellectual contributions in a new Social Science History article https://doi.org/10.1017/ssh.2022.34
@sociology @politicalscience @anthropology @economics @econhist @geography @criminology #history #histodons #China #crime #sociology #women #ChicagoSchool #biology #criminalization #SocialReform -
1930s Chinese female sociologists Zhou Shuzhao, Liu Qingyu & Xu Huifang theorized that social conditions rather than biology shaped the crimes of women, according to Stephanie Montgomery who reconstructs their intellectual contributions in a new Social Science History article https://doi.org/10.1017/ssh.2022.34
@sociology @politicalscience @anthropology @economics @econhist @geography @criminology #history #histodons #China #crime #sociology #women #ChicagoSchool #biology #criminalization #SocialReform -
#Economics #Economism #Neoliberalism #ChicagoSchool: "Economism's core method is reducing human interaction to "incentives," to the exclusion of morals or ethics – think of Margaret Thatcher's insistence that "there is no such thing as society." Economism reduces its subjects to homo economicus, a "rational," "utility-maximizing" automaton responding robotically to its "perfect information" about the market.
Economism also insists that power has no place in predictions about how policies will play out. This is how the Chicago School economists were able to praise monopolies as "efficient" systems for maximizing "consumer welfare" by lowering prices without "wasteful competition."
This pretense of mathematical perfection through monopoly ignores the problem that anti-monopoly laws seek to address, namely, the corrupting influence of monopolists, who wield power to control markets and legislatures alike. As Sen John Sherman famously said in arguing for the Sherman Act: "If we will not endure a King as a political power we should not endure a King over the production, transportation, and sale of the necessaries of life.""
https://pluralistic.net/2023/04/03/all-models-are-wrong/#some-are-useful -
#Economics #Economism #Neoliberalism #ChicagoSchool: "Economism's core method is reducing human interaction to "incentives," to the exclusion of morals or ethics – think of Margaret Thatcher's insistence that "there is no such thing as society." Economism reduces its subjects to homo economicus, a "rational," "utility-maximizing" automaton responding robotically to its "perfect information" about the market.
Economism also insists that power has no place in predictions about how policies will play out. This is how the Chicago School economists were able to praise monopolies as "efficient" systems for maximizing "consumer welfare" by lowering prices without "wasteful competition."
This pretense of mathematical perfection through monopoly ignores the problem that anti-monopoly laws seek to address, namely, the corrupting influence of monopolists, who wield power to control markets and legislatures alike. As Sen John Sherman famously said in arguing for the Sherman Act: "If we will not endure a King as a political power we should not endure a King over the production, transportation, and sale of the necessaries of life.""
https://pluralistic.net/2023/04/03/all-models-are-wrong/#some-are-useful -
CW: Long thread/8
Economism also insists that *power* has no place in predictions about how policies will play out. This is how the #ChicagoSchool economists were able to praise #monopolies as "efficient" systems for maximizing "#ConsumerWelfare" by lowering prices without "wasteful competition."
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CW: Long thread/8
Economism also insists that *power* has no place in predictions about how policies will play out. This is how the #ChicagoSchool economists were able to praise #monopolies as "efficient" systems for maximizing "#ConsumerWelfare" by lowering prices without "wasteful competition."
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CW: Long thread/4
Friedman's orthodoxy - #monetarism - has reigned supreme for decades, which is ironic, given that Friedman and his colleagues at the #ChicagoSchool of Economics claimed that they had elevated economics into an empirical, quantitative science, a kind of physics of human action, not like those squishy, #SocialSciences.
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CW: Long thread/4
Friedman's orthodoxy - #monetarism - has reigned supreme for decades, which is ironic, given that Friedman and his colleagues at the #ChicagoSchool of Economics claimed that they had elevated economics into an empirical, quantitative science, a kind of physics of human action, not like those squishy, #SocialSciences.
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CW: Long thread/19
But even though the incipiency standard remains on the books, its enforcement dwindled away to nothing, starting in the #Reagan era, thanks to the #ChicagoSchool's influence. The neoliberal economists of Chicago, led by the Nixonite criminal #RobertBork, counseled that most monopolies were "efficient" and the inefficient ones would self-correct when new businesses challenged them, and demanded a halt to antitrust enforcement.
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CW: Long thread/19
But even though the incipiency standard remains on the books, its enforcement dwindled away to nothing, starting in the #Reagan era, thanks to the #ChicagoSchool's influence. The neoliberal economists of Chicago, led by the Nixonite criminal #RobertBork, counseled that most monopolies were "efficient" and the inefficient ones would self-correct when new businesses challenged them, and demanded a halt to antitrust enforcement.
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@pluralistic And if you want to dive down a rabbit hole, there's the set of interrelationships between economics, law, property, externalities, religion, monopoly, and oil through the Rule of Capture, Texas case law, Union Oil, Biola University (Bible Institute of Los Angeles), Lyman Stewart, the science of geology (and its joined-at-the-crotch relationship with the oil industry), the Fundamentals (of Christian Fundamentalism), young-earth creationism, Harold Hotelling, University of Chicago, Standard Oil, Hotelling's Rule (of natural resources pricing ... which does not in fact describe pricing behaviour).
https://mastodon.cloud/@dredmorbius/99662418097389845
(Inspired back on G+ when someone asked if there might be any relationship between the oil industry and religious-based denials of evolution, age of the earth, and of course, anthropogenic climate change. Yes. Yes there is...)
#RuleOfCapture #LymanStewart #UnionOil #BiolaUniversity #HotellingsRule #theFundamentals #ChicagoSchool
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This is Neoliberalism
Neoliberalism is an economic ideology that exists within the framework of capitalism. Over four decades ago, neoliberalism become the dominant economic paradigm of global society. In this video series, we'll trace the history of neoliberalism, starting with a survey of neoliberal philosophy and research, a historical reconstruction of the movement pushing for neoliberal policy solutions, witnessing the damage that neoliberalism did to its first victims in the developing world, and then charting neoliberalism's infiltration of the political systems of the United States and the United Kingdom. Learn how neoliberalism is generating crises for humanity at an unprecedented rate.
Long, excellent, fact-filled, accurate and critical history and background of #neoliberalism, #AustrianSchool #Libertarianism #ChicagoSchool and the #MontPelerin Society You may well find it dry but stick through, this is very good.
Creator #BarakalypseNow is worth following.
https://youtube.com/watch?feature=youtu.be&list=PLATIVW2S3zKMbVlnAHAPR0sHZisHJl4fd&v=myH3gg5o0t0
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The primary aim of #competition in the #freemarket ought to be promoting #differentiation rather than mere low prices, as the former is favorable towards a large distribution of businesses in a sector, whereas the latter drives towards a winner-takes-all #consolidation and #monopolization.