Chicago also developed a reputation for inculcating a conservative approach to po liti cal economy among its graduate students, who included Milton Friedman, George Stigler, and Aaron Director. Friedman later recalled that the “core” of his and his wife Rose’s conservatism was attributable to the “common infl uence” of their time in the department. Its intellectual atmosphere, he indicated, led students to admire the “strength of the price system” and to feel “rather negative towards socialism, socialist economics.” Chicago seemed to be the last redoubt of economic sentiments that the rest of the profession was fast leaving behind.

Angus Burgin, The Great Persuasion, loc. 89