Mexico City Map Tourist Attractions on At the outset of his 30s, Knight’s educational opportunities had peaked, so he sought to inspire future economists. He began teaching at the University of Chicago and soon was heading the Department of Economics, which gained so much prestige during the 1920s and 1930s that it became simply known as the CHICAGO SCHOOL. The department would feature future Nobel laureates Milton FRIEDMAN, James BUCHANAN, and George STIGLER, all of whom had been students and had attended Knight’s lectures and speeches. Despite Knight’s great penchant for understanding an economy, much of the economic doctrines that he created were rooted in his philosophical and societal beliefs. During a time when President Franklin D. ROOSEVELT was restructuring America’s economy with public works programs and governmental intervention in the economy, Knight opposed the idea of the NEW DEAL, saying that the economy is a very fragile and unstable thing, and that government programs were too simplistic to grasp and adhere to the complexities of a capitalist system. LAISSEZ-FAIRE economics, he argued, were necessary because of the individual freedoms it guarantees, and that the removal of such freedoms would be disastrous. Mexico City Map Tourist Attractions 2016.
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