Part of a series on Libertarianism For other uses, see Libertarianism (disambiguation). ...
Schools of thought
Agorism Anarcho-capitalism Autarchism Geolibertarianism Green libertarianism Right-libertarianism Left-libertarianism Minarchism Neolibertarianism Paleolibertarianism Progressive libertarianism Image File history File links No higher resolution available. ... Theory and practice Issues History Culture By region Lists Related Anarchism Portal Politics Portal ·        Agorism is an anarchist political philosophy founded by Samuel Edward Konkin III and characterized by proponents as left-libertarian. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... The term autarchy has two different meanings. ... Geolibertarianism (also geoanarchism) is a liberal political philosophy that holds along with other forms of libertarian individualism that each individual has an exclusive right to the fruits of his or her labor, as opposed to this product being owned collectively by society or the community. ... Green-Libertarian describes a political philosophy that was established in the United States. ... Libertarianism is a political philosophy that holds that individuals should be allowed complete freedom of action as long as they do not infringe on the freedom of others. ... Left-libertarianism is a term that has been adopted by several different movements and theorists. ... In civics, minarchism, sometimes called minimal statism or small government, is the view that the size, role and influence of government in a free society should be minimal — only large enough to protect the liberty and property of each individual. ... Neolibertarianism is a political philosophy combining elements of libertarian and conservative thought that embraces incrementalism and pragmatism domestically, and a generally interventionist foreign policy based on self-interest, national defense and the expansion of freedom. ... Paleolibertarianism is a school of thought within American libertarianism founded by Lew Rockwell and Murray Rothbard, and closely associated with the Ludwig von Mises Institute. ... Progressive Libertarianism is a political or philosophy whose adherents promote social change through voluntarism rather than government laws and regulation. ...
Origins
Austrian School Chicago School Classical liberalism Individualist anarchism The Austrian School, also known as the “Vienna School” or the “Psychological School”, is a heterodox school of economic thought that advocates adherence to strict methodological individualism. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... Theory and practice Issues History Culture By region Lists Related Anarchism Portal Politics Portal ·        Individualist anarchism (also anarchist individualism, anarcho-individualism, individualistic anarchism) refers to any of several traditions that hold that individual conscience and the pursuit of self-interest should not be constrained by any collective body or public...
Ideas
Civil liberties Tax cuts Free markets Free trade Humanism Laissez-faire Liberty Individualism Non-aggression Private property Self-ownership Civil liberties is the name given to freedoms that protect the individual from government. ... A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income. ... 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... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... See also the specific life stance known as Humanism For the Renaissance liberal arts movement, see Renaissance humanism Humanism is a broad category of ethical philosophies that affirm the dignity and worth of all people, based on the ability to determine right and wrong by appeal to universal human qualities... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... For other uses, see Liberty (disambiguation). ... Methodological individualism is a philosophical orientation toward explaining broad society-wide developments as the accumulation of decisions by individuals. ... The non-aggression principle (also called the non-aggression axiom, anticoercion principle, or zero aggression principle) is a deontological ethical stance associated with the libertarian movement. ... This page deals with property as ownership rights. ... Self-ownership or sovereignty of the individual or individual sovereignty is the condition where an individual has the exclusive moral right to control his or her own body and life. ...
Topics
Economic views History Movement Parties Theories of law Views of rights Criticism of libertarianism Libertarian Republican Libertarian Democrat Economic libertarianism is the doctrine that government should not engage in economic interventionism, but only prohibit force and fraud. ... The history of libertarianism is closely related to the history of classical liberalism. ... The libertarian movement consists of the various individuals and institutions who have historically advanced the ideas and causes of libertarianism. ... Many countries and subnational political entities have libertarian political parties. ... Libertarian theories of law build on libertarianism or classical liberalism. ... Libertarians and Objectivists limit what they define as rights to variations on the right to be left alone, and argue that other rights such as the right to a good education or the right to have free access to water are not legitimate rights and do not deserve the same... It has been suggested that this article or section be merged with Libertarianism. ... A libertarian Republican is a person who subscribes to libertarian philosophy while typically voting for and being involved with the United States Republican Party. ... A libertarian Democrat is a person who subscribes to libertarian philosophy while typically voting for and being involved with the United States Democratic Party. ...
Politics Portal
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The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. The leaders were recipients of "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" George Stigler and Milton Friedman. Its attitudes towards economics are the intellectual heirs of the Austrian school of economics. Image File history File links Portal. ... A school is a collection or group of people who share common characteristics of opinion or outlook of a philosophy, belief, social movement, cultural movement or art movement. ... A free market is a market where the prices of goods and services is arranged completely by the mutual non-coerced consent of sellers and buyers, determined generally by the supply and demand law with no government interference in the regulation of costs, supply and demand. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... For other uses, see University of Chicago (disambiguation). ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...

It is associated with neoclassical price theory and free market libertarianism, the refutation and rejection of Keynesianism in favor of monetarism (until the 1980s, when it turned to rational expectations), and the 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. 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... For other uses, see Libertarianism (disambiguation). ... 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. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...

The school is noted for its very wide range of topics, from regulation to marriage, slavery and demography.

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 1950s saw the height of popularity of the Keynesian school of economics, so the members of the University of Chicago were considered outcast. Famed economist Friedrich Hayek was teaching there because that is the only place he could find employment at the time [1]. For other uses, see University of Chicago (disambiguation). ... The University of Chicago Graduate School of Business, also known as Chicago GSB, is one of the world’s leading business schools and the second oldest in the United States. ... The University of Chicago Law School, having recently celebrated its centennial in the 2002-2003 school year, has established itself as a high profile part of the University of Chicago. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ...

Not all economists within the the Department of Economics at the University of Chicago shared the beliefs in the "Chicago school". The U of C department, widely considered one of the world’s foremost economics departments, has fielded more Nobel Prize winners and John Bates Clark medalists in economics than any other university. Fewer than half of the professors in the economics department were considered part of the school of thought. For other uses, see University of Chicago (disambiguation). ... The Nobel Prizes (Swedish: ), as designated in Alfred Nobels will in 1895, are awarded for physics, chemistry, physiology or medicine, literature, and peace. ... The biennial John Bates Clark Medal is awarded by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered...

Chicago School theories lay behind many of the policies of the World Bank and other Washington-based financial institutions, such as the International Monetary Fund and U.S. Treasury Department ^[1], which embraced market fundamentalism as an universal recipe for economically wrecked countries, as was expressed in the Washington consensus. Under its influence, from the mid-1980s to the mid-1990s, large portions of the state-owned companies in many Third World countries were privatized. (Mason 1997:428) World Bank Group logo The World Bank Group (WBG) is a family of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty. ... For other uses, see Washington, D.C. (disambiguation). ... IMF redirects here. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... Market fundamentalism (or free-market fundamentalism) is a conviction that free markets are generally beneficial. ... The Washington Consensus is a phrase initially coined in 1987-88 by John Williamson to describe a relatively specific set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington-based institutions such as the International Monetary Fund, World... For the Jamaican reggae band, see Third World (band). ...

See also

• Chicago Boys

The Chicago Boys (c. ...

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.
• H. Laurence Miller, Jr. "On the 'Chicago School of Economics'", The Journal of Political Economy, Vol. 70, No. 1 (Feb., 1962), pp. 64-69 online in JSTOR
• 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)
• Mason, Mike, Development and Disorder: A History of the Third World since 1945. University Press of New England, Hanover (1997) ISBN 0-87451-829-6

External links

• Thomas Sowell
• The University of Chicago Department of Economics
• Commanding Heights, PBS Documentary, Chicago Against the Tide