Chicago Essays in Economic Development
These Chicago economists share a common intellectual framework universally recognized in the profession and derived from three beliefs: first, that theory is of fundamental importance; second, that theory is irrelevant unless set in a definite empirical context; and third, that in the absence of evidence to the contrary, the market works. Critics of the Chicago school tend to ignore the first two of these and to overlook the qualifying proviso of the third. This volume sets out to rectify that misunderstanding and to circulate more widely some of the best work produced by the Chicago school.
The essays in the opening "general" section clearly illustrate the characteristics of the Chicago school while also reflecting some well-known idiosyncrasies of four of its more prominent spokesmen. The other two sections, "Domestic Policy" and "Trade and Aid," cover topics on which Chicago authors have made a marked impact. Together, these essays will provide a basic reference book for students of the subject, illustrating one of the leading methods of analyzing economic development problems.