The Chicago School of Economics is the term for the style of economics practiced at and disseminated from the University of Chicago after 1946. 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 refers 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. George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known for his work on macroeconomics, microeconomics, economic history, statistics, and for his advocacy of laissez-faire capitalism. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... This article is about the classical liberal individualist philosophy that strongly emphasizes private property rights conjoined with civil liberties. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... The University of Chicago is an elite private university principally located in the Hyde Park neighborhood of Chicago, Illinois, founded in 1890 and opened in 1892. ... Windowed ceiling of the Graduate School of Business Hyde Park Center, designed by Rafael Viñoly The University of Chicago Graduate School of Business (Chicago GSB) has its main campus in the Hyde Park neighborhood in the southern part of the city of Chicago. ... Sir Edward Appletons medal Photographs of Nobel Prize Medals. ... The Chicago Boys (c. ... General Augusto José Ramón Pinochet Ugarte (born November 25, 1915) was head of the military dictatorship that ruled Chile from 1973 to 1990. ...

See also

• Chicago Boys
• Gary S. Becker
• Ronald Coase
• Robert Fogel
• Milton Friedman
• Friedrich Hayek
• Frank Knight
• Robert E. Lucas
• Kevin M. Murphy
• Richard Posner
• Sherwin Rosen
• Theodore Schultz
• Thomas Sowell
• George Stigler

The Chicago Boys (c. ... Gary Stanley Becker (born December 2, 1930) is an American economist. ... Ronald Coase (born December 29, 1910) is a British economist. ... Robert William Fogel (born July 1, 1926) is an American economic historian and scientist, and Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel winner in 1993 (with Douglass North). ... Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known for his work on macroeconomics, microeconomics, economic history, statistics, and for his advocacy of laissez-faire capitalism. ... Friedrich Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian economist and political philosopher, noted for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Frank Hyneman Knight (November 7, 1885 - April 15, 1972) was an important economist in the first half of the twentieth century. ... Robert Emerson Lucas, Jr. ... Economist Kevin M. Murphy is a professor at the University of Chicago Graduate School of Business and a Senior Fellow at the Hoover Institution. ... Judge Richard Allen Posner (born January 11, 1939, New York City) is currently a judge on the United States Court of Appeals for the Seventh Circuit. ... Sherwin Rosen was a United States labor economist. ... Theodore Schultz, the 1979 winner (jointly with Arthur Lewis) of the Bank of Sweden Prize in the Economic Sciences (also known as the Nobel Prize in Economics) was born 1902 in the United States. ... Thomas Sowell Thomas Sowell (born 30 June 1930) is a prominent American economist, political writer, and conservative-libertarian[1] commentator. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ...

References

• Alan O Ebenstein, Friedrich Hayek: A Biography (2001)
• Milton Friedman and Rose Friedman, Two Lucky People: Memoirs ISBN 0226264149 (1998)
• Nelson, Robert H. Economics As Religion: From Samuelson to Chicago and Beyond (2001)
• George J Stigler, ed. Chicago Studies in Political Economy (1988)
• George J Stigler, 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

• Thomas Sowell
• The University of Chicago Department of Economics