The University of Chicago Department of Economics
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In the 1950s, the economists who taught in the Economics Department at the University of Chicago, and other academic related areas at the University such as the Booth School and the Law School gathered together frequently and discussed intensely about the economic issues based on price theory. This was the first step of the Chicago School has created that the members of the University of Chicago were considered outside the mainstream.
Chicago School of Economics
About Chicago School of Economics
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The Chicago School of Economics is a neoclassical school of economic thought that work with the faculty at the University of Chicago, some have constructed and popularized its principles.
The main beliefs of the Chicago School are the free markets in an economy, and that minimal government intervention. The Chicago school includes monetarist beliefs about the economy, and contends that the money supply should be kept in equilibrium with the demand for money.
The main beliefs of the Chicago School are the free markets in an economy, and that minimal government intervention. The Chicago school includes monetarist beliefs about the economy, and contends that the money supply should be kept in equilibrium with the demand for money.
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Chicago School of Economics is major ideological defender of conservative economics and capitalism it has been one of the most influential bodies of economic thought in recent times.
Since the University of Chicago started, 28 members of University of Chicago alumnus or current member of faculty are the winners of Nobel Prize of Economics Science. The representative Nobel Prize winners are George Stigler Gary Becker, and Milton Friedman.
Since the University of Chicago started, 28 members of University of Chicago alumnus or current member of faculty are the winners of Nobel Prize of Economics Science. The representative Nobel Prize winners are George Stigler Gary Becker, and Milton Friedman.
Influential Economists from Chicago School
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Frank Knight (1885–1972) was an early member of the University of Chicago. His most influential work was Risk, Uncertainty and Profit (1921) from which the term Knightian uncertainty was coined.
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George Stigler (1911–1991) was tutored for his thesis by Frank Knight and won the Nobel Prize in Economics in 1982.
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Ronald Coase (1910–2013) was the most prominent economic analyst of law and the 1991 Nobel Prize-winner.
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Robert Fogel (1926–2013), a co-winner of the Nobel Prize in 1993, is well known for his historical analysis and his introduction of New economic history,
Lars Peter Hansen (born 1952) is an American economist who won the Nobel Prize in Economics in 2013 with Eugene Fama and Robert Shiller for their work on asset pricing.
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Gary Becker (1930–2014) was a Nobel Prize-winner from 1992 and was known in his work for applying economic methods of thinking to other fields, such as crime, sexual relationships, slavery and drugs, assuming that people act rationally. His work was originally focused in labor economics.
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Milton Friedman (1912–2006) stands as one of the most influential economists of the late 20th century. A student of Frank Knight, he won the Nobel Prize in Economics in 1976.
Chicago economists have also left their intellectual influence in other fields, notably in pioneering public choice theory and law and economics, which have led to revolutionary changes in the study of political science and law.