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==Chicago School==

==Chicago School==

In one celebrated case, Milton Friedman called a special meeting at the University of Chicago, where he taught, to prove that the [[Coase theorem]] was false. But within two hours of discussion, Friedman had the intellectual courage and objectivity to reverse himself and admit that he was wrong and Ronald Coase was right. Many lesser intellectuals can spend their entire lives refusing to admit that they were wrong about something.

In one celebrated case, Milton Friedman called a special meeting at the University of Chicago, where he taught, to prove that the [[Coase theorem]] was false. But within two hours of discussion, Friedman had the intellectual courage and objectivity to reverse himself and admit that he was wrong and Ronald Coase was right. Many lesser intellectuals can spend their entire lives refusing to admit that they were wrong about something.  Although the terms did not exist at the time, this meeting, and its results, demonstrate Milton Friedman's challenge of the [[hearsay society]].  Further still, Friedman's willingness to admit his error casts him as less of an [[expert]] and more as a member of [[the best of the public]].

[[Image:Monetary-history.jpg|thumb|right]]

[[Image:Monetary-history.jpg|thumb|right]]