tcda
psicobolche
- Joined
- Nov 17, 2009
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Chicago and Austrian schools have explanations for crises under a market economy. Neither while doing undergrad and postgrad economic studies, did I once hear the expression 'bourgeois economists', what does that mean?
What's the Chicago school theory of crisis? I had understood they treated crises empirically, but did not have a theory of why crisis is inherent to capitalism regardless of government policy or the actions of the capitalists. Isn't their theory basically that governments facilitate the pumping of too much currency into the economy? I apologize if I'm wrong on that.
Of course that is a ridiculous theory. Also it wouldn't explain why Pinochet, on following all the policies proposed bythe "Chicago Boys" as they were known, and having Friedman as a top adviser, was forced to sack them all in 1982 when their policies plunged Chile into a depression.
Btw a bourgeois economist is one who dedicates themselves to proposing ways to administer capitalism, rather than explaining the need to overthrow it.