Chicago school of economics: Difference between revisions
a particular style of free-market economics |
refine definition. There are many more aspects than just free-market policies |
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The '''Chicago school of economics''' is a [[school of thought]] referring to a particular style of |
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]]. The leaders were [[Nobel laureate]]s [[George Stigler]] and [[Milton Friedman]]. |
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It is associated with [[Neoclassical economics|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 coined 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 [[University of Chicago Graduate School of Business|Graduate School of Business]] and the [[University of Chicago Law School|Law School]]. They met together in frequent intense discussions that helped set a group outlook on economic issues, based on price theory. |
It is associated with [[Neoclassical economics|neoclassical price theory]] and [[free market]] [[libertarianism]], refutation and rejection of [[Keynesianism]] in favor of [[monetarism]] (until the 1980s, when it turned to [[rational expectations]]), and rejection of regulation of business in favor of laissez-faire. In terms of methodology the stress is on "positive economics"--that is, empirically based studies using statistics, with less stress on theory and more on data. The school is noted for its very wide range of topics, from regulation to marriage, slavery and demography, that it studies. |
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The term was coined 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 [[University of Chicago Graduate School of Business|Graduate School of Business]] and the [[University of Chicago Law School|Law School]]. They met together in frequent intense discussions that helped set a group outlook on economic issues, based on price theory. |
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The school of thought is not the same as the Department of Economics at the [[University of Chicago]], widely considered world’s foremost department having fielded more [[Nobel Prize]] winners and [[John Bates Clark Medal|John Bates Clark medalists]] in economics than any other university. Only some, but not a majority, of the professors in the economics department are considered part of the school of thought. |
The school of thought is not the same as the Department of Economics at the [[University of Chicago]], widely considered world’s foremost department having fielded more [[Nobel Prize]] winners and [[John Bates Clark Medal|John Bates Clark medalists]] in economics than any other university. Only some, but not a majority, of the professors in the economics department are considered part of the school of thought. |
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Revision as of 17:52, 20 November 2006
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. The leaders were Nobel laureates 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 (until the 1980s, when it turned to rational expectations), and rejection of regulation of business in favor of laissez-faire. In terms of methodology the stress is on "positive economics"--that is, empirically based studies using statistics, with less stress on theory and more on data. The school is noted for its very wide range of topics, from regulation to marriage, slavery and demography, that it studies.
The term was coined 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 school of thought is not the same as the Department of Economics at the University of Chicago, widely considered world’s foremost department having fielded more Nobel Prize winners and John Bates Clark medalists in economics than any other university. Only some, but not a majority, of the professors in the economics department are considered part of the school of thought.
See also
- Gary S. Becker
- Ronald Coase
- Robert Fogel
- Milton Friedman
- James Heckman
- Frank Knight
- Robert E. Lucas
- Kevin M. Murphy
- Richard Posner
- Sherwin Rosen
- Theodore Schultz
- Henry Calvert Simon
- Thomas Sowell
- George Stigler
- Steven N. S. Cheung
- Chicago Boys
References
- Alan O Ebenstein, Friedrich Hayek: A Biography (2001)
- Milton Friedman and Rose Friedman, Two Lucky People: Memoirs ISBN 0-226-26414-9 (1998)
- J. Daniel Hammond and Claire H. Hammond, ed., Making Chicago Price Theory: Friedman-Stigler Correspondence, 1945-1957. Routledge, 2006. 165 pp. ISBN: 0-415-70078-7.
- 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