“The Robert Mugabe school of economics”

— Vince Cable

Context: The big, looming, monetary issue is "quantitative easing": that is, printing money. What happens is that the government borrows from the Bank of England, not from the markets. It expands the money supply to keep the economy going and also to counter deflation without simultaneously increasing government debt. The attractions are obvious, as are the dangers. The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope. Monetary easing may prove to be necessary but will have to be managed with great skill and care: Too little easing and the crisis drags on – as in Japan. If there is too much, the authorities face the messy task of mopping-up liquidity by issuing bonds which add to the burden of borrowing or else we lurch back from deflation to inflation. So interest rates may soon become yesterday's story.

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Vince Cable16

British Liberal Democrat politician 1943

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“There is a widespread impression today that the history of economics is a sequence of revolutions and counter-revolutions, successive schools rising to dominance just to be deposed in a crisis by another school. According to this view, paraphrasing Marx, all history of economics is a history of school struggles, punctuated by revolutions.”

Jürg Niehans (1919–2007) Swiss economist

Jürg Niehans, " Revolution and evolution in economic theory https://ecompapers.biz.uwa.edu.au/paper/PDF%20of%20Discussion%20Papers/1992/92-20%20Niehans,%20J.pdf." The Australian Quarterly (1993): 498-515.

“As a result of its generous stand [Robert Maynard Hutchins’ controversial policy of admitting students after their second year of high-school], the University of Chicago’s undergraduate college acts as the greatest magnet for neurotic juveniles since the Children’s Crusade, with Robert Maynard Hutchins…playing the role of Stephen the Shepherd Boy.”

A. J. Liebling (1904–1963) American journalist

Chicago: The Second City (Knopf, 1952; University of Nebraska Press, 2004, ISBN 0-8032-8035-1, p. 110.

“In its origins the utility school was strongly influenced by a desire to strengthen the potentially apologetic character of economics.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter VIII, Modern Economics, p. 370

“Bullies — political bullies, economic bullies, and religious bullies — cannot be appeased; they have to be opposed with courage, clarity, and conviction. This is never easy. These Fanaticism|true believers don't fight fair. Robert's Rules of Order is not one of their holy texts.”

Bill Moyers (1934) American journalist

"The Sport of God https://www.commondreams.org/views/2005/09/09/911-and-sport-god", speech accepting the Union Medal of the Union Theological Seminary (7 September 2005), as quoted Moyers on Democracy (2008), p. 375

“Though I studied with Robert Henri, I was never a member of the Ash-Can School. You see, it had a sociological trend which didn't interest me. [Hopper then proceeded to inform Kuh that his work contained no social content whatsoever! ]”

Edward Hopper (1882–1967) prominent American realist painter and printmaker

1941 - 1967
Source: 'Edward Hopper' (1962), Katherine Kuh, in 'The Artist's Voice: Interviews with Artists' New York: Harper and Row, 1962:140

“I went to a school that was founded on a lot of very radical ideals of how education should be changed. But what’s happening to schools like that sort of all over the country is in economic pressure they’re becoming more and more preparatory because that’s what people will really pay the money for private schooling for now.”

Ezra Miller (1992) American actor

Interview, The Cinema Source, September 8, 2011 http://www.thecinemasource.com/blog/interviews/ezra-miller-interview-for-beware-the-gonzo/

“[ Milton Friedman was] the dominant member of the so-called Chicago school of economics [during his tenure at Chicago]… The economics department increasingly reflected his approach and interests. These included deep commitment to the truth, appreciation of markets and free enterprise, frank and blunt discussion, and enormous zeal to convince the heathen. But most important was the commitment to economic analysis as a powerful instrument for interpreting economic and social life.”

Gary S. Becker (1930–2014) American economist

Gary Becker (1991). "Milton Friedman." In: Edward Shils, ed. Remembering the University of Chicago: Teachers, Scientists and Scholars. Chicago: University of Chicago Press, pp. 140-6

“Economics as currently learned and taught in graduate school and practiced afterward is more theory-intensive and less observation-intensive than perhaps any other science. I think the statement that "no mere fact ever was a match in economics for a consistent theory" accurately describes the prevailing attitude in the profession”

Vernon L. Smith (1927) American economist

Milgrom and Roberts, 1987, p. 185
Source: "Theory, experiment and economics," 1989, p. 151.

“I did, and still do, think that New Classical Economics has quite a bit in common with the Austrians (so did Robert Lucas, and I am surprised to find that I did not refer to this in the early 1980s, so I was either careless or did not know about it until a bit later).”

David Laidler (1938) Canadian economist

"The 1974 Hayek–Myrdal Nobel Prize", in Hayek: A Collaborative Biography: Part 1 Influences from Mises to Bartley edited by Robert Leeson (2013)

“The Robert Mugabe school of economics”

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