The Chicago School of Economics Explained
It honored Milton Friedman for his work on money and monetary history and noted the rise of monetarism as a Chicago school.
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1.What did the 1976 Nobel committee sum up with money matters?
It honored Milton Friedman for his work on money and monetary history and noted the rise of monetarism as a Chicago school.
2.What does Medema call the label Chicago school?
The first big attempt to define it came in 1962 from Miller; Stigler and Bronfenbrenner said the picture was too uniform.
3.What did Friedman say the word Chicago is sometimes?
An epithet scolds, an accolade honors; Chicago stands for belief in free markets, skepticism about government intervention and testing theory against facts.
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Sources (8)
- Medema, S. G.: Identifying a "Chicago School" of Economics: On the Origins, Diffusion, and Evolving Meanings of a Famous Brand Name, Journal of the History of Economic Thought 46 (2), 2024, S. 169-200
- Nobel-Komitee: Wirtschaftspreis 1976, Pressemitteilung (Milton Friedman)
- Nobel-Komitee: Wirtschaftspreis 1982, Pressemitteilung (George Stigler)
- Nobel-Komitee: Wirtschaftspreis 1992, Pressemitteilung (Gary Becker)
- Friedman, M.: The Role of Monetary Policy, American Economic Review 58 (1), 1968, S. 1-17
- Modigliani, F.: The Monetarist Controversy, or, Should We Forsake Stabilization Policies? (AEA Presidential Address, 1976; American Economic Review 67 (2), 1977)
- Keynes, J. M.: General Theory (1936), Kap. 3
- von Mises, L.: Human Action (Mises Institute, Scholar's Edition), S. 570
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