ABSTRACT
True individualism is social, and deals with individuals as part of society, rather than as dissociated, independent atoms. The normative-ethical base of both the early and late Chicago tradition has remained formally the same, while method and related analytic substance and policy positions have undergone fundamental change. The major representatives of the early Chicago School were Jacob Viner and Frank H. Knight. The social tradition of individualism true, of the early Chicago School, presents the convergence of English and continental liberalism—of John Locke, Adam Smith, Alfred Marshall, Karl Menger, and Friedrich von Wieser. In Austrian neoclassicism the link between substance and method is presented in the theory of subjective value and the concept of natural value or price. The methodology of individualism true is eclectic. A major methodological thrust of individualism true in the interwar period (1920–1940) was opposition to the rise of positivism.
