Although the market advocates at the LSE and the University of Chicago shared a skepticism about the accelerating government interventions of the time, their opinions were rarely united and often opposed. In London, Lionel Robbins and Friedrich Hayek initially espoused an extraordinarily constrained vision of the government's ability to redress the economic crisis. Blaming the downturn primarily on a business cycle that had become overstimulated by government interference, they argued that further interventions would only repeat the same disastrous pattern.

Angus Burgin, The Great Persuasion, loc. 45