Which economist from University of Chicago argued in favor of demand reduction?
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Demand reduction Demand reduction refers to efforts aimed at reducing the public desire for illegal and illicit drugs. The drug policy is in contrast to the reduction of drug supply, but the two policies are often implemented together. Some discussions of demand reduction make a distinction between policies that address single issues (such as public "knowledge-of-harms") or are short-term interventions (such as in-school programs), and those that approach drug demand as a complex issue with multiple social risk factors. Some economists such as Milton Friedman argue that due to the law of supply and demand, reducing demand is the only effective way to reduce drug use long-term. It is questionable, however, whether demand reduction programs actually reduce demand.
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Milton Friedman Milton Friedman ( ; July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell, and Robert Lucas, Jr.
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Lawrence Summers Lawrence Henry Summers (born November 30, 1954) is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank (1991–93), senior U.S. Treasury Department official throughout President Clinton's administration (ultimately Treasury Secretary, 1999-2001), and former Director of the National Economic Council for President Obama (2009-2010). He is a former President of Harvard University (2001-2006), where he is currently (as of March, 2017) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard’s Kennedy School of Government.
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Robert Eisner Robert Eisner (January 17, 1922 – November 25, 1998) was an American author and William R. Kenan professor of economics at Northwestern University. He was recognized throughout the United States for his expertise and knowledge of macroeconomics and the economics of business cycles. He was a regular contributor to the "Wall Street Journal", "The New York Times", "Chicago Tribune", and "The Los Angeles Times", primarily covering national economic policy and reform.
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Henry Rogers Seager Henry Rogers Seager (July 21, 1870 – August 23, 1930, Kiev, Russia) was an American economist, and Professor of Political Economy at Columbia University, who served as president of the American Association for Labor Legislation.
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Supply-side economics Supply-side economics is a macroeconomic theory that argues economic growth can be most effectively created by lowering taxes and decreasing regulation. According to supply-side economics, consumers will then benefit from a greater supply of goods and services at lower prices, and employment will increase. It was started by economist Robert Mundell during the Ronald Reagan administration.
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Miracle of Chile The “Miracle of Chile” was a term used by Nobel laureate economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the benefits of the economic policies applied by a large group of Chilean economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught. He said the “Chilean economy did very well, but more importantly, in the end the central government, the military junta, was replaced by a democratic society. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society.” The junta to which Friedman refers was a military government that came to power in a 1973 coup d'état, which came to an end in 1990 after a democratic 1988 plebiscite removed Augusto Pinochet from the presidency.
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Neil W. Chamberlain Neil Cornelius Wolverton Chamberlain (May 18, 1915 – September 14, 2006) was an American economist who was the Armand G. Erpf Professor of Modern Corporations of the Graduate School of Business at Columbia University. Before that he was a professor in the Department of Economics at Yale University. His scholarly efforts concerned industrial relations and labor economics, the economies of corporations and corporate planning, national planning, and social values and corporate social responsibility. He was the author of nineteen books, editor of six more, published numerous articles in academic journals, and wrote an intellectual memoir as well. His range of research and writing was unusually wide, but his biggest contribution to the field of economics was in the study of industrial relations and especially in his analysis of bargaining power.
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James A. Field James Alfred Field (May 26, 1880 – July 16, 1927) was an American economist and Professor of Political Economy at the University of Chicago, known as one of the proponents of institutional economics and as demographer, who contributed to the theory of population and its history.
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Higher education bubble in the United States The higher education bubble in the United States is a claim that excessive investment in higher education could have negative repercussions in the broader economy. According to the claim generally associated with fiscal conservatives while college tuition payments are rising, the supply of college graduates in many fields of study is exceeding the demand for their skills, which aggravates graduate unemployment and underemployment, which in turn increases the burden of student loan defaults on financial institutions and taxpayers. Also, some claim that employers have responded to the oversupply of graduates by raising the academic requirements of many occupations higher than is really necessary to perform the work. The claim has generally been used to justify cuts to public higher education spending, tax cuts, or a shift of government spending towards the criminal justice system and the Department of Defense.
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Harald Uhlig Harald Uhlig (born April 26, 1961) is a German economist. He is professor of economics at the University of Chicago since 2007 and was Chairman of the Department of Economics from 2009 to 2012. He previously held positions at Princeton University, 1990–1994, Tilburg University, 1994–2000 and Humboldt University of Berlin, 2000–2007. Uhlig won the Gossen Prize in 2003. He was co-editor of Econometrica from 2006 to 2010. He is co-editor of the Journal of Political Economy since 2012.
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Deficit reduction in the United States Deficit reduction in the United States refers to taxation, spending, and economic policy debates and proposals designed to reduce the Federal budget deficit. Government agencies including the Government Accountability Office (GAO), Congressional Budget Office (CBO), the Office of Management and Budget (OMB),and the U.S. Treasury Department have reported that the federal government is facing a series of important long-run financing challenges, mainly driven by an aging population, rising healthcare costs per person, and rising interest payments on the national debt.
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Michael Hudson (economist) Michael Hudson, born March 14, 1939, is an American economist, professor of economics at the University of Missouri in Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist.
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Basil Moore Basil J. Moore is a Canadian Post-Keynesian economist, most known for developing and promoting endogenous money theory, particularly the proposition that the money supply curve is "horizontal," rather than upward sloping, a proposition known as horizontalism. He has been the most vocal proponent of this theory, and is considered a central figure in post Keynesian economics
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Karl Polanyi Karl Paul Polanyi (Hungarian: "Polányi Károly" ] ; born October 25, 1886, Vienna, Austro-Hungarian Empire – April 23, 1964, Pickering, Ontario) was an Austro-Hungarian economic historian, economic anthropologist, economic sociologist, political economist, historical sociologist and social philosopher. He is known for his opposition to traditional economic thought and for his book, "The Great Transformation", which argued that the emergence of market-based societies in modern Europe was not inevitable but historically contingent. Polanyi is remembered today as the originator of substantivism, a cultural approach to economics, which emphasized the way economies are embedded in society and culture. This view ran counter to mainstream economics but is popular in anthropology, economic history, economic sociology and political science.
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Stan Smith (economist) Stan V. Smith Ph.D. is an American economist who is credited with coining the term and creating the arguments that launched the hedonic damages theory into the mainstream of legal economics in the 1985 court case "Sherrod v. Berry". Now president of a Chicago economic litigation support firm, Smith Economics Group, Ltd. he provides expert testimony in court cases nationwide on all issues of economic damages, from commercial damages (antitrust, patent and business valuation, breach of contract, etc.) to personal injury damages, including cases where it can be argued the quality of someone's life has been diminished or lost.
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Douglas Holtz-Eakin Douglas James "Doug" Holtz-Eakin (born February 3, 1958) is an American economist. He was formerly an economics professor, Director of the Congressional Budget Office, and chief economic policy adviser to United States Senator John McCain's 2008 presidential campaign. Holtz-Eakin is currently president of the American Action Forum policy institute, a conservative think tank.
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Chester W. Wright Chester Whitney Wright (1879 – 1966) was an American economic historian, and Professor at the University of Chicago, known from his works on the economic history of the United States.
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History of macroeconomic thought Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
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Robert M. Townsend Robert Morris Townsend (born April 23, 1948) is an American economist and professor, the Elizabeth & James Killian Professor of Economics at Massachusetts Institute of Technology. Prior to joining MIT, he was the Charles E. Merriam Distinguished Service Professor in the Department of Economics at the University of Chicago, where he remains a Research Professor.
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Leon C. Marshall Leon Carroll Marshall (March 15, 1879 – March 1966) was an American economist, Professor of Political Economy and fourth dean of the Booth School of Business from 1909 to 1924, Professor at the Law School of the Johns Hopkins University, and Professor at the American University. He is known for his works on our economic organization, business administration, curriculum-making in the social studies and the divorce court.
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James Hayden Tufts James Hayden Tufts (1862–1942), an influential American philosopher, was a professor of the then newly founded Chicago University. Tufts was also a member of the Board of Arbitration, and the chairman of a committee of the social agencies of Chicago. The work "Ethics" in 1908 (with a second edition appearing in 1932) was a collaboration of Tufts and John Dewey. Tufts believed in a conception of mutual influences which he saw as opposed in both Marxism and idealism.