Chicago school (economics)
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The Chicago School of Economics is a school of thought referring to a particular style of economics practiced at and disseminated from the University of Chicago.
It is not the same as the Department of Economics at the University of Chicago. Some (but not a majority) of the professors in the economics department are considered part of the school of thought. The leaders were George Stigler and Milton Friedman. It is associated with neoclassical price theory and free market libertarianism, refutation and rejection of Keynesianism in favor of monetarism, and rejection of regulation of business in favor of laissez-faire.
The term was first used in the 1950s to refer to economists teaching in the Economics Department at the University of Chicago, and closely related academic areas at the University such as the Graduate School of Business and the Law School. They met together in frequent intense discussions that helped set a group outlook on economic issues, based on price theory.
The term also denotes more generally the influence of the group in the economic theory and government policy, as it is widely considered world’s foremost department having fielded more Nobel Prize winners and John Bates Clark medalists in economics than any other university.
The Chicago's economics department also has served as a training ground for many Latin American technocrats, the most prominent of which, the "Chicago boys," helped implement the policies in Chile during and after the regime of Augusto Pinochet, many of which have been continued since full democratization in the early 1990s, and are still supported by Chile's ruling Socialist party.
See also
- University of Chicago
- Chicago Boys
- Gary S. Becker
- Ronald Coase
- Robert Fogel
- Milton Friedman
- Friedrich Hayek
- James Heckman
- Frank Knight
- Robert E. Lucas
- Kevin M. Murphy
- Richard Posner
- Sherwin Rosen
- Theodore Schultz
- Henry Calvert Simon
- Thomas Sowell
- George Stigler
References
- Alan O Ebenstein, Friedrich Hayek: A Biography (2001)
- Milton Friedman and Rose Friedman, Two Lucky People: Memoirs ISBN 0226264149 (1998)
- Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002) covers Knight, Simon, Hayek, Friedman and Lucas
- Nelson, Robert H. Economics As Religion: From Samuelson to Chicago and Beyond (2001)
- Reder, Melvin W. "Chicago Economics: Permanence and Change" Journal of Economic Literature 1982 20(1): 1-38. Issn: 0022-0515 Fulltext in Jstor.
- Stigler, George J. ed. Chicago Studies in Political Economy (1988)
- Stigler, George J. Memoirs of an Unregulated Economist (1988)
- Wahid, Abu N. M. ed; Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Press. 2002
External links
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