More on the Chicago tradition

Article Abstract:

David Laidler argues that there was a connection between Hawtrey and Harvard, and that this in turn contributed to the origins of the 1930s Chicago tradition. However, Laidler underestimates the influence of Paul Douglas in this tradition. Douglas, in fact, contributed greatly to the Chicago tradition by being the first to use the quantity theory of money to advocate for an expansionary fiscal policy. That Friedman never mentions Douglas in no way undermines Douglas' importance.

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More on Hawtrey, Harvard and Chicago

Article Abstract:

The economic writings of Ralph Hawtrey, Lauchlin Currie and Milton Friedman show remarkable similarities, leading to the conclusion that Friedman drew his idea from this "Chicago tradition" of macroeconomic theories. Critics of this theory have pointed to the writings of Paul Douglas, but Douglas is not integral to the Chicago tradition. New evidence and further textual analysis lends support to the theory that the Chicago tradition drew from Hawtrey and Harvard economists.

Hawtrey, Ralph

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Hawtrey, Harvard and Chicago: a final comment

Article Abstract:

Tavlas argues that Laidler's theory of the origins of the Chicago tradition under-represent the influence of Paul Douglas and over-emphasized the Harvard connection. However, the Harvard professors cited as sources for the Chicago tradition were not part of the Harvard establishment, thereby accounting for the differences of economic perspectives. Douglas, too, was not integral to the Chicago tradition and was not considered a serious thinker by his Chicago colleagues.

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