ABSTRACT

From Adam Smith to the present day, the path of economic science defines classical and neo-classical economics, where a parallel track taken by the Austrian School brings radical uncertainties face-on-face with the role of entrepreneurial discovery. Both Milton Friedman and Henry Simons are the ‘founders’ of (clearly distinctive) brands of the Chicago School. For a minority, the earlier School of the inter-war years defines a group of economists who were reacting in a particular way to events and issues that gained prominence by the Wall Street Crash of 1929. With the diversion then triggered by Keynes’s General Theory, a fashionable mainstream of Keynesian macroeconomics was, for a while, thrown into some confusion by Milton Friedman’s Monetarist counter-revolution.