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During 1946, Friedman accepted an offer to teach economic theory at the University of Chicago ( a position opened by departure of his former professor Jacob Viner to Princeton University ).
One group, represented by Jacob Viner, argues that mercantilism was simply a straightforward, common-sense system whose logical fallacies could not be discovered by the people of the time, as they simply lacked the required analytical tools.
" The critique that mercantilism was a form of rent-seeking has also seen criticism, as scholars such Jacob Viner in the 1930s point out that merchant mercantilists such as Mun understood that they would not gain by higher prices for English wares abroad.
Jacob Viner ( May 3, 1892 – September 12, 1970 ) was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the " inspiring " mentors of the early Chicago School of Economics in the 1930s: he was one of the leading figures of the Chicago faculty.
In 1934, Jacob Viner, a professor at the University of Chicago working at the Treasury Department, offered White a position at the Treasury, which he accepted.
Jacob Viner and Henry Simons also influenced him and, among his students, W. Allen Wallis and Milton Friedman.
He published a 1950 empirical study examining the costs of international trade, drawing criticism from fellow economists Jacob Viner and Gottfried Haberler.
The medal was awarded to Wesley Clair Mitchell in 1947, John Maurice Clark in 1952, Frank Knight in 1957, Jacob Viner in 1962, Alvin Hansen in 1967, Theodore Schultz in 1972, and Simon Kuznets in 1977.
The issue was firstly brought into discussion by Jacob Viner ( 1950 ), together with the trade diversion effect.
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