The History of Economic Thought
Online ISSN : 1884-7358
Print ISSN : 1880-3164
ISSN-L : 1880-3164
The Insuperable Gap between Hayek and the Chicago School:
Methodology and Liberalism
Susumu Egashira
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JOURNALS OPEN ACCESS

2012 Volume 53 Issue 2 Pages 41-58

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Abstract

This paper aims to consider how the Chicago school of economics influenced the economic thought of Friedrich Hayek in his period at the University of Chicago, where he was a follower of the Committee of Social Thought from 1950 to 1962. This period is well known as “Hayekʼs transformation”‐from a theoretical economist to a thinker of liberalism. Therefore, to under-stand the development of his thought, it is im-portant to know who influenced him during this period. This paper will explore the relationship between Hayek and the members of the Com-mittee of Social Thought, by analyzing his works, correspondence, and typescripts written during this period. On the one hand, the similarities and differences between Hayekʼs liberalism and that of the Chicago school are pointed out. Hayek and several economists of the Chicago school were members of the Mont Pelerin Society and were anti-communists. Despite the tendency to place both Hayek and the Chicago school under the general banner of anti-socialism or anti-Keyne-sianism, they actually diverged widely on points of methodology and liberalism. However, it is an inevitable consequence that different methodol-ogies produce different economics, and the forms of liberalism based on these economics also differ. JEL classification numbers: B 25, B 41.

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© 2012 The Japanease Society for the History of Economic Thought
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