Chicago School economics
E17879
Chicago School economics is a free-market-oriented school of economic thought, centered at the University of Chicago, known for its strong advocacy of limited government intervention, monetarism, and rational expectations.
Aliases (6)
Statements (92)
| Predicate | Object |
|---|---|
| instanceOf |
neoclassical economics tradition
→
school of economic thought → |
| associatedWithInstitution |
University of Chicago
→
|
| associatedWithPerson |
Arnold Harberger
→
Eugene Fama → Frank Knight → Gary Becker → George Stigler → Henry Simons → Jacob Viner → James Heckman → Milton Friedman → Richard Posner → Robert Fogel → Robert Lucas Jr. → Ronald Coase → Theodore Schultz → |
| associatedWithPlace |
Chicago, Illinois
→
|
| countryOfOrigin |
United States
→
|
| emergedInPeriod |
20th century
→
|
| field |
economics
→
|
| hasCoreIdea |
analysis of crime using economic incentives
→
analysis of family behavior using economic models → analysis of political processes using economic tools → belief that inflation is primarily a monetary phenomenon → belief that markets generally allocate resources efficiently → belief that systematic monetary policy cannot systematically manage real output → competition as discovery procedure → cost-benefit analysis of regulation → deregulation of industries → efficient market hypothesis in finance → emphasis on empirical testing of economic theories → emphasis on expectations in determining macroeconomic outcomes → emphasis on individual choice → emphasis on long-run growth over short-run stabilization → emphasis on long-run neutrality of money → emphasis on long-run policy credibility → emphasis on methodological individualism → emphasis on voluntary exchange → focus on consumer welfare standard in antitrust → focus on human capital in labor economics → focus on incentives in policy design → focus on microeconomic foundations of macroeconomics → free-market orientation → importance of property rights → law and economics approach to legal analysis → limited government intervention → limited role for discretionary fiscal policy → market-based solutions to social problems → market-oriented approach to antitrust policy → minimal welfare state → monetarism in monetary policy → natural rate of unemployment concept → opposition to price controls → permanent income hypothesis in consumption theory → preference for simple, testable hypotheses → price system as primary information mechanism → privatization of state-owned enterprises → public choice perspective on government behavior → rational expectations in macroeconomics → rules-based monetary policy → school choice and vouchers in education policy → school of thought in opposition to Keynesianism → skepticism about industrial policy → skepticism toward government regulation → strong belief in market efficiency → support for flexible labor markets → support for floating exchange rates → support for trade liberalization → use of formal mathematical models → use of price theory as unifying analytical framework → view that government failures often exceed market failures → view that regulation is often captured by special interests → |
| influenced |
law and economics movement
→
modern macroeconomic policy debates → neoliberal policy reforms → public choice theory → supply-side economics → |
| influencedBy |
classical liberalism
→
marginalism → neoclassical price theory → |
| notableConcept |
Coase theorem
→
economic analysis of law → efficient market hypothesis → human capital theory → monetarism → natural rate of unemployment → permanent income hypothesis → rational expectations → |
| opposedTo |
Keynesian demand management policies
→
extensive price controls → large-scale government intervention in markets → |
Referenced by (17)
| Subject (surface form when different) | Predicate |
|---|---|
|
Capitalism and Freedom
("Chicago School of Economics")
→
Eugene Fama ("Chicago school of economics") → José Piñera ("Chicago school of economics") → New Classical macroeconomics ("Chicago school of economics") → Reaganomics ("Chicago school of economics") → |
influencedBy |
|
Eugene Fama
("Chicago school of economics")
→
Gary Becker ("Chicago school of economics") → Rose Friedman ("Chicago school of economics") → |
memberOf |
|
University of Chicago
("Chicago school of economics")
→
University of Chicago ("Chicago school of sociology") → |
knownFor |
|
Henry Schultz
("Chicago school of economics")
→
|
affiliation |
|
law and economics movement
("Chicago School of economics")
→
|
associatedWithSchool |
|
The Shock Doctrine
("Chicago School economic policies")
→
|
criticizes |
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Milton Friedman
("Chicago school of economics")
→
|
movement |
|
Anna Schwartz
("Chicago school of economics tradition (broadly associated)")
→
|
partOf |
|
Thatcherism
→
|
relatedConcept |
|
The Shock Doctrine
("Chicago School of Economics")
→
|
subject |