Table of Contents

The Elgar Companion to the Chicago School of Economics

The Elgar Companion to the Chicago School of Economics

Elgar original reference

Edited by Ross B. Emmett

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.

Chapter 14: Sherwin Rosen

Hao Li

Subjects: economics and finance, economic psychology, history of economic thought, methodology of economics

Extract

Hao Li Sherwin Rosen (1938–2001) was born in Chicago. His parents, Nell and Joe Rosen, met on a kosher dairy farm in Quebec, Canada. His mother was Canadian, and his father was from Illinois. Along with his uncle, Harry, Sherwin’s father owned a hardware store, where Sherwin spent much of his youth. He was very close to his brother Eddie, who died when both men were only in their thirties. Rosen completed his undergraduate education in engineering at Purdue in 1960. Despite his early exposure to building supplies and his engineering training, he decided to pursue graduate studies in economics at Chicago. It appeared at first that perhaps economics was not a good match; he failed the general core exam, and was advised by Milton Friedman to leave economics, perhaps for accounting. Rosen continued despite this advice, and completed his PhD in 1966 under the supervision of the labor economist Gregg Lewis.1 Rosen began his academic career at the University of Rochester in 1964. He was named Kenan Professor of Economics in 1975. While he certainly was productive at Rochester – he wrote his famous hedonic pricing paper there – he was most at home at Chicago and left Rochester for Chicago in 1977. He became the Edwin A. and Betty L. Bergman Distinguished Service Professor in 1983, and served as Department Chairman from 1988 to 1994. Although he did spend summers at the Hoover Institute at Stanford as the Peter and Helen Bing Senior Fellow, he turned down numerous offers...

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