Cass Sunstein Austan Goolsbee Obama is an alumni of UofC and lives[d] in Hyde Park. He has major influences there, explicitly or implicitly. nitro
Well, if you build a sidewalk and the grass is worn from people taking a short cut the maintenance man looks at the worn dirt path and the unused sidewalk and says "people are stupid". The Thruway management company installs EZ pass and collects revenue from the short cut. Gov't is born.
I would have said that I prefer Austrian school of economics if not for its intimate connection to a pipe dream known as libertarianism
a theory vs practice is perfectly illustrated in day trading the s&ps. Almost every theory I have seen is incoorect. Rehabilitation of criminal is another theory that frequently does not work. State control of Banks and the means of production does not have a good track record. If anything the Chicago School of economics in the late 80s was all about refuting previous economic theory with the reality of behavior. Were they not instrumental in correcting the widely held belief that the markets were 100% efficient. I may be confused because normally nitro is correct.