Chicagonomics: The Evolution of Chicago Free Market Economics

Ebenstein (Milton Friedman: A Biography), an economics lecturer at UC Santa Barbara, offers a comprehensive and noteworthy examination of the University of Chicago's influence on economic theory in the U.S. He emphasizes classical liberalism and free market economics, as propagated by renowned Chicago scholars such as Jacob Viner, Frank Knight, Milton Friedman, and Friedrich Hayek. The author begins with the university's founding in 1892 by John D. Rockefeller as a research-driven institution intended "to advance the frontiers of human knowledge." While painting a thorough picture of his formidable subjects' academic contributions, Ebenstein also offers details of their personal lives and temperaments, discussing Viner's childhood and Knight's tendency to alienate his colleagues but inspire his students. Though most likely to appeal to academics, this work can enlighten general readers as to economic theory's historical impact, as seen in Viner's role advising F.D.R. and in Friedman's ideas concerning monetary policy, taxation, and regulation while advising President Reagan and Prime Minister Thatcher. The subject matter is scholarly, but the tone and style are accessible, clear, and even entertaining. (Oct.)