Finland and Sweden: a Nordic response to the Chicago School Online publication date: Wed, 21-Oct-2015
by Alan Duhs
International Journal of Pluralism and Economics Education (IJPEE), Vol. 6, No. 2, 2015
Abstract: Chicago School economics emphatically endorses individualism, antipathy to government intervention, and a minimalist approach to the welfare state. It features continuing calls for lower taxes and unrestricted markets. Nordic countries, on the other hand, have followed a different path towards socio-economic prosperity, favouring large welfare states, high taxes and high levels of government expenditure as a proportion of GDP. The Nordic countries have stressed reducing inequality and preserving social security. Despite these departures from free-market teachings, a scrutiny of a wide range of socio-economic indicators reveals that the Nordic countries tend to outperform other countries - including the USA and Australia - on many of these indicators, including perceived happiness levels. This paper thus addresses the universalist claims of Chicago School economics, and proceeds backwards from an examination of some empirical results to some evident implications for the (pluralist) teaching of economics.
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