Trading economics across the Atlantic: Jan Tinbergen for Milton Friedman

H.P. van Dalen, A. Klamer

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Abstract

Jan Tinbergen and Milton Friedman were both very much inspired making economic theory work, applying it in service of society. The Tinbergen approach - the economist as Social Engineer - was exported to Chicago in the 1940s where one of Tinbergen’s students - Tjalling Koopmans - became a prominent member of the Cowles Commission, where his method and style clashed with the Economics Department dominated by Milton Friedman who was a public intellectual. Koopmans preferred the Walrasian method of looking at economics whereas Friedman relied on a Marshallian, partial equilibrium approach. With Friedman’s departure from Chicago in 1977 his method and approach disappeared. The work of Koopmans and the Cowles Commission more generally formed the basis for New Classical Economics and came to dominate the practice of economics. The irony of these two icons of economics is that they produced disciples who carried their initiative too far.
Original languageEnglish
Title of host publicationFour Centuries of Dutch-American Relations, 1609-2009
EditorsH. Krabbendam, C.A. van Minnen, G. Scott-Smith
Place of PublicationUSA
PublisherSUNY, Albany
Pages773-784
Publication statusPublished - 2009

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    van Dalen, H. P., & Klamer, A. (2009). Trading economics across the Atlantic: Jan Tinbergen for Milton Friedman. In H. Krabbendam, C. A. van Minnen, & G. Scott-Smith (Eds.), Four Centuries of Dutch-American Relations, 1609-2009 (pp. 773-784). SUNY, Albany.