Judge Richard Posner, at the University of Chicago, is a big wheel intellectual who virtually invented the economics and law analysis that currently dominates US jurisprudence, and who is as responsible as anyone outside of Milton Friedman for the Chicago School of economics and its embrace of free markets. So when Judge Posner announces that the Chicago School is wrong, that unfettered free markets don’t work, and that Keynes was right all along, that is a big freaking deal. Well here is an article by Judge Posner titled How I Became A Keynesian. Here is a link to a new book by Judge Posner about how free-market capitalism failed. Here are a bunch of interviews with Chicago economists who are all defensive about how their theories failed. It’s not that Judge Posner is the final arbiter of anything (in fact, my prior post on him was a strong disagreement with something he said), but when a main force behind a movement leaves that movement behind, we should at least pay attention.
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