The Chicago boys are derided a lot these days. They say their theories cost us big in 2008.
Anyone who says that is wrong. If we were operating under Chicago School of Economics theory, the bust of 2008 probably would have never happened. That’s not to say it’s totally smooth sailing when you apply the Chicago School theory to macroeconomics. It isn’t.
Because it relies up on the free market and free markets are messy.
When one looks at the autobiography of many a Chicago boy, they have something in common. Some of them were either socialist, or communist before they saw the light.
Friedman-big government bureaucrat
and so on.
Thomas Sowell, an ardent free marketeer today was initially a commie. Then he took a class with Milton Friedman as his professor.
This bit of trivia doesn’t prove a point. It’s just a fact that’s out there. But, these guys were great theorists and articulators of the free market. They weren’t on any political side.
They were on the side of transparent free markets. That’s all. But it’s the best side to be on. Because free markets mean freedom and individual liberty.