Competing schools within the MPS hold irreconcilable definitions of the market

Evidence

While one wing of the MPS (the Chicago School) has made its career by attempting to reconcile one version of neoclassical economic theory with neoliberal precepts, other subsets of the MPS have innovated entirely different characterizations of the market. The “radical subjectivist” wing of the Austrian School of economics attempted to ground the market in a dynamic process of discovery by entrepreneurs of what consumers did not yet even know that they wanted, due to the fact that the future is radically unknowable. Perhaps the dominant version at the MPS (and later, the dominant cultural doctrine) emanated from Hayek himself, wherein the “market” is posited to be an information processor more powerful than any human brain, but essentially patterned upon brain/computation metaphors. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 149

Categorization

• XREF: connects to: Judging whether markets conform to a model is itself a contested process. — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 114; Shared worldview rather than shared profession bonded the MPS’s diverse members — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making…, 127; Early MPS development scholarship was plural, not purely Misesian — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making…, 1274 (+2 more)

Broader Connections

• Early MPS development scholarship was plural, not purely Misesian #exemplifies (0.85) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1274
• MPS efficacy lay in internal debate preceding unified public mobilization #corroborates (0.80) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 449
• A school’s social character comes from perpetuating a group’s class function #expands (0.80)
• Shared worldview rather than shared profession bonded the MPS’s diverse members #corroborates (0.75) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 127