Essay: The Chicago School of Economics

18 Oct

Essay: The Chicago School of Economics

Sample Essay

The Chicago School of Economics favors the free market economics practiced in University of Chicago in the 20th century and its architects were Milton Friedman and George Stigler. The school is linked with the free market libertarianism and the neo-classical price theory more so rejected; the Keynesianism, business control and supported the laissez faire. The school has a number topics among them slavery, demography and control of marriage (Kasper, Sherryl, (2002) page 159 165).

Not every economist in the economics’ department at theChicagoUniversityshared all the beliefs found in theChicagoschool of economics; it was only 70% of the economics departments’ professors who were believed as being element of theChicagoschool. The school’s theories leave behind most of the guiding principles of World Bank as well as other financial institutions in Washington for instance U.S. Treasury Department and International Monetary Fund, which held free market results as the guidelines for the improvement of economically ruined nations, as was articulated in the consensus carried out inWashington

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