Culture & Society

The post-World War II Chicago School of Aaron Director and Milton Friedman reimagined a new (neo) liberalism that treated economic liberties and the free market as the greatest defense of political rights. The government, and democracy, were more often than not barriers to economic liberties. The United States continues to suffer from neoliberalism’s prescriptions, and addressing the concerns of today’s populist movements will mean rediscovering ideas of freedom that the Chicago School denigrated, writes Robert Van Horn.

The Chicago School is often associated with laissez-faire economics that reads into Adam Smith’s philosophy of political economy justifications for self-interest and prudential motivations. However, a careful history of the University of Chicago’s early Economics Department and School of Commerce and Administration reveals a more complicated understanding of how economics and business were to interact with one another and society. The early University of Chicago pursued a program that emphasized that laissez-faire economics and a concern for the public interest were not antagonists but perfectly compatible, writes David Mitch.

Adam Smith and the Founding Fathers envisioned a society in which economic and political freedom, grouped together in the ideology of liberalism, would produce a wealthy, free, and peaceful society. Centuries later, this vision has come to fruition, and F. A. Hayek and Milton Friedman helped elaborate and advance that vision in their economic and philosophical works. The lesson for today’s populist moment is not to abandon these principles, but to continue to pursue them, as it is their imperfect realization, not their imperfect conceptualization, that burdens today’s society, writes Peter Boettke.

Sarah Kreps argues that elected officials should be cautious of immediately rejecting proposals for local data centers. Instead, officials should capture potential benefits and protect residents by negotiating for better terms.

In new research, Markus Eberhardt, Giovanni Facchini, and Valeria Rueda find that a growing share of PhD graduates from top U.S. economics programs are leaving academia, looking beyond North America, and moving into the private sector, especially towards the tech industry.

In new research, Yulia Chikish, Gregory J. Colman, Dhaval M. Dave, Brad R. Humphreys, Zachary Santamaria, and Zachary Winship find that New York City congestion pricing has reduced emergency medical services response times.

In new research, Benjamin Rosa finds that when states ban affirmative action, minority- and women-run businesses become smaller than other contractors and are less likely to enter the market, but are no more likely to close their businesses entirely. 

The rise of the far right has been a defining feature of political systems in developed democracies over the past two decades. In recent research, Alison Johnston and Juliet Johnson demonstrate that domestic bond investors have become an important constraint on populist governments and their access to capital. 

Matt Lucky reviews Daron Acemoglu’s “What Happened to Liberal Democracy?: Remaking a Politics of Shared Prosperity,” now out at Penguin Press.

In new research, James Flynn, David Munro, and Caitlin Myers document how sexual behavior has changed in light of total abortion bans enacted after Dobbs vs. Jackson Women’s Health. They find that abortion bans reduced sexual activity and increased contraceptive use, motivated by individuals having an increased awareness of state policy.