At this crucial juncture, we can observe the major protagonists engaged in intense negotiations as to what it would mean to launch a Chicago School of Liberal Economics. A number of things become apparent, which have been absent from previous historical accounts. First, it was the legacy of Henry Simons that was perceived to be at issue in the nascent formation. The mere fact of a seminar identifying itself as being "pro-free market" was not sufficient for concocting a credo to which all parties could subscribe. Second, Luhnow and the Volker officers were not mere pecuniary accessories to the rise of the Chicago School: they were hands-on players, determined and persistent in making every dollar count, supervising doctrine as well as organization. Third, all and sundry depended on Hayek to keep the project on an even keel: no one else on home ground seemed to possess as much intellectual gravitas or deft punctilio as Hayek. In particular, Frank Knight was nowhere to be seen in the archival records of these negotiations.

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 761