Chicago School of Economics

The Chicago School of Economics is a prominent economic theory developed at the University of Chicago, emphasizing free markets and minimal government intervention. Founded in the mid-20th century, it advocates that voluntary exchanges in free markets lead to efficient outcomes, and that competition drives innovation and economic growth. Key figures include Milton Friedman, who argued for the importance of individual choice and the role of monetary policy. The Chicago School's principles have significantly influenced economic policy and public debates on issues like taxation, regulation, and welfare, promoting the idea that less government involvement often leads to better economic results.