The Chicago counter-revolution and the sociology of economic knowledge
The Chicago counter-revolution and the sociology of economic knowledge.
International Journal of Applied Economics and Econometrics, 10 (1), 69-114.
This article examines the macroeconomic debate between Keynesian economists and Chicago economists since the 1950s, when Christopher Archibald and Edward Chamberlin declined to participate with Milton Friedman and George Stigler in a statistical race over the merits of monopolistic and perfect competition, leading to a rise in the faith of competition and a decline in faith in Keynesian economics. The author focuses on Stigler's model of the sociology of economic knowledge construction and destruction, suggesting the Chicago model was the product of superior sociological perspectiveness.