The London School of Economics

Economics Political Theory
1

What exactly is this beast?

Looking on from wiki; it was established by the Fabian Society (oh lordy).

Just wondering about these other points though;

LSE vs. Cambridge

LSE’s Robbins and Hayek, and Cambridge’s Keynes were chief figures in the intellectual disagreement between the institutions. The controversy widened from deflation versus demand management as a solution to the economic problems of the day, to broader conceptions of economics and macroeconomics. Robbins and Hayek’s views were based on the Austrian School of Economics with its emphasis on free trade and anti-interventionism, an approach Robbins (but not Hayek) later acknowledged as inappropriate to the timing and circumstances of the 1930s economic depression.[citation needed] (<– LOL)

LSE vs. Chicago

Keynes and Cambridge’s policies became standard practice in the 1930s onwards. With the growth of the influence of Milton Friedman and the Chicago School of Economics, however, it could be said that many of the LSE’s liberal ideas have influenced much of modern liberal economics. This is in large part due to the common influence on both Schools of Friedrich Hayek, who moved to the Chicago School of Economics after he left LSE.[citation needed]

What is the deal with Hayek moving around all the schools? Or is this bs?

I continually see him associated with Chicago school, now the London School of Economics, and Austrian , naturally. Confusing stuff.

“Impact on economics” section, they list some fools contributions, to keysian modelling. Then Hayek.

  1. Friedrich Hayek, the Nobel Prize winner for Economic Sciences in 1974, is one of the most eminent advocates of economic liberalism, his literature came to define much of economic policy in the UK and US following the ostensible influence of Hayek’s economic philosophy on Margaret ThatcherRonald Reagan. Implementation of his philosophy led to key economic developments, such as the reduction in unionisation, believed by Bean and Crafts to have been the primary cause of stagnation during the previous 25 years which for all other European nations had been a period of prosperity.[77] He also famously influenced the climate of free-market thinking behind the Iron Curtain which is commonly held to have stimulated the collapse of communist Eastern Europe.[78]

[:S] Notice no mention of the Austrian Theory of the Business Cycle.

So what is it they believe exactly? Seems like a hybrid of everything? Middle of the road fabian socialism, with interventionism etc?

Most of my lecturers have come from the school I’ve noticed. What are the flaws, points I can raise etc?

2

I’ve been to a few lectures at the LSE.

It is one of the most “cosmopolitan” universities in the world; over half of its undergrads are foreign.

Also, nearly everyone there is a “right-on” leftie, despite Hayek and Robbins (and I believe there was another Austrian there).

3

Cambridge and Oxford both have Libertarian societies, and for all the fuss you hear in the media, they’re still amongst the best unis in the world. I’d favour either of them over LSE, though academically speaking, LSE is very prestigious in its own right. Other than that nothing draws me to it. It has no Austrians in its faculty and seems to be one of the most scientistic institutions out there. As a school I don’t think it adheres to any particular school of economics collectively, though I’m sure it’s thoroughly neoclassical and left-liberal on the whole.

4

I think a collection of Hayek’s work are being reprinted by U of Chicago press soon. Friedman was certainly a fan of Hayek throughout most of his career. This might be the source of the confusion.

5

LSE & University of Chicago = physical universities, colleges, schools.

Austrian school of economics = school of thought that originated in Vienna.

Chicago school = school of thought that originated in the University of Chicago. Includes monetarist and rational expectations currents of thought.

Confusion = when you think LSE & U of Chicago are schools of thought and that ASE and Chicago school are physical places.

6

Ok thanks. I don’t think I am the one who is creating the confusion though.

“Austrian school of economics = school of thought that originated in Vienna.”

Yes and when the school calls itself the:

“London school of economics” it’s not much of a strech to think = school of thought that originated in London with the Fabians or whatever.

So basically, Hayek worked at these univerties and expounded Austrian Theories, always, he never wavered? [:|]

Rothbard does point out that he is a bit of a pro statist, pro planning in his Constitution of Liberty.

7

hayek was a resitributionist, and a law-and-order socialist.

but much better than most!

8

There were a few other Austrians working at LSE at the time. Hayek is about as pro-planning as any other minarchist.