Austrian Economics vs. Chicago School
A clear guide to America's two rival theories of free markets, money and the Fed
20 chapters · 95 pages · EPUB & PDF
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Milton Friedman and Ludwig von Mises both defended free markets against socialism, yet they gave opposite accounts of the Great Depression and opposite answers on whether the Federal Reserve should exist. Their heirs still argue under the same free-market label.
This book shows you how to tell the Chicago and Austrian schools apart in today’s fights over the Fed, inflation, the national debt and digital money, and why each reaches the remedy it does.
Start with 1929. Between August of that year and March 1933, the U.S. money supply fell by more than a third. Friedman and Anna Schwartz blamed a Federal Reserve that let it happen, and in 2002 Ben Bernanke, then a Fed governor, told them they were right. Austrians look earlier, to the credit expansion of the 1920s, and read the bust as the bill for the boom.
The split is live in Washington in 2026: a new Fed chair who quotes Friedman, and a House bill to abolish the Fed that has not moved past committee. When the next politician invokes free markets, you will know which tradition is speaking, and whether it wants the Fed bound by a rule or stripped of its monopoly.
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