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Chicago school of economics: Frank Knight, Friedrich von Hayek, Austrian School, Ronald Coase, Law and economics, George Stigler, Milton Friedman, Monetarism, ... Gary Becker, Richard Posner, Chicago Boys
by:Miller, Frederic P.
The Chicago school of economics describes a neoclassical school of thought within the academic community of economists, with a strong focus around the faculty of University of Chicago, some of whom have constructed and popularized its principles. It is at times referred to as freshwater school of economics, in contrast to the saltwater school based...
The Chicago school of economics describes a neoclassical school of thought within the academic community of economists, with a strong focus around the faculty of University of Chicago, some of whom have constructed and popularized its principles. It is at times referred to as freshwater school of economics, in contrast to the saltwater school based in coastal universities (notably Harvard, MIT, and Berkeley). Approximately 70% of the professors in the economics department have been considered part of the school of thought. The University of Chicago department, 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. The "Chicago School" is perhaps one of the better known American "schools" of economics. In its strictest sense, the "Chicago School" refers to the approach of the members of the Department of Economics at the University of Chicago over the past century.
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