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.
All labels observed (12)
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 ⓘ Milton Friedman ⓘ
surface form:
George Stigler
Henry Simons ⓘ Jacob Viner ⓘ James Heckman ⓘ Milton Friedman ⓘ Judge Richard Posner ⓘ
surface form:
Richard Posner
Robert Fogel ⓘ Robert Lucas Jr. ⓘ Ronald Coase ⓘ Theodore Schultz ⓘ |
| associatedWithPlace |
Chicago, Illinois, United States
ⓘ
surface form:
Chicago, Illinois
|
| countryOfOrigin |
United States of America
ⓘ
surface form:
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 (39)
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago School of Economics
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Chicago School economic policies
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Chicago school of economics
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Chicago school of economics
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Chicago School of Economics
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Chicago school of economics tradition (broadly associated)
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Chicago school of economics
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Chicago school of economics
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Chicago School of economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago School of economics
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Chicago School economists
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Chicago school of economics
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Chicago School of economics
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Chicago School of economics
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Chicago school of political science
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Chicago school of antitrust analysis
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Chicago school of economics
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Chicago School economists
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of law and economics
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Chicago school of economics
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Chicago school of economics
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Chicago school of economics
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Chicago Boys
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University of Chicago school of economics
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Chicago Boys
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Chicago school of economics