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The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. [1]
Friedman's essay "The Methodology of Positive Economics" (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its ...
The Chicago School is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, notable particularly in macroeconomics for developing monetarism as an alternative to Keynesianism and its influence on the use of rational expectations in macroeconomic modelling.
The term "Chicago Boys" has been used at least as early as the 1980s [3] to describe Latin American economists who studied or identified with the liberal economic theories then taught at the University of Chicago, popularly known as the Chicago school of economics, even though some of them earned degrees at Harvard University or MIT.
Gary Stanley Becker (/ ˈ b ɛ k ər /; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. [1] He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics.
Ufuk Akcigit is a distinguished economist. He’s the Arnold C. Harberger professor of economics at the University of Chicago, one of the most influential departments in the discipline of the last ...
Henry Calvert Simons (/ ˈ s aɪ m ən z /; October 9, 1899 – June 19, 1946) was an American economist at the University of Chicago. [1] A protégé of Frank Knight, [2] his antitrust and monetarist models influenced the Chicago school of economics.
At the University of Chicago, Hayek was not part of the economics department and did not influence the rebirth of neoclassical theory that took place there (see Chicago school of economics). [86] When in 1974 he shared the Nobel Memorial Prize in Economics with Myrdal, the latter complained about being paired with an "ideologue".