Thursday, July 17, 2008

News on the Milton Friedman Institute at Chicago (fg)

Some people out there might have recognized that in late January 2008, a founding committe issued a report — “A Proposal to Establish The Milton Friedman Institute” to the President of the University of Chicago. Among them such eye catchers as Lars-Peter Hansen, Gary Becker, Jon Cochrane, James Heckman or Eric Plosser.

Now, a group of University of Chicago faculty wrote a petition to the President opposing the foundation of a Milton Friedman Institute to support economic research. They claim that they are disturbed by the ideological and disciplinary preference implied by the university’s massive support for the economic and political doctrines that have extended from Friedman’s work,” and the implication that Chicago’s faculty “lacks intellectual and ideological diversity.

John Cochrane was cited by the New York Times as calling this petition as drivel. In addition, you can find some intersting replies of Cochrane on his website (here and here).

For those interested how the story on the Friedman Institute will continue, I'll give you an update.