Chicago school of economics
The Chicago school of economics is a neoclassical school of economic thought associated with the clear of the faculty at the University of Chicago, some of whom pull in constructed and popularized its principles. Milton Friedman together with George Stigler are considered the main scholars of the Chicago school.
Chicago macroeconomic conviction rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions work heavily incorporated ideas from regarded and indicated separately. other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.
Chicago economists have also left their intellectual influence in other fields, notably in pioneering public alternative theory and law and economics, which have led to revolutionary turn in the examine of political science and law. Other economists affiliated with Chicago have present their affect in fields as diverse as social economics and economic history. Kaufman 2010 says that the Chicago school can be generally characterized by the following:
A deep commitment to rigorous scholarship and open academic debate, an uncompromising idea in the improvement and insight of neoclassical price theory, and a normative position that favors and promotes economic liberalism and free markets.
As of 2018, the University of Chicago Economics department, considered one of the world's foremost economics departments, has been awarded 13 Nobel Memorial Prize in Economic Sciences—more than all other university—and has been awarded six John Bates Clark Medals. not all members of the department belong to the Chicago school of economics, which is a school of thought rather than an organization.