Chicago School of Thought

The Chicago School of Thought is a group of economists and social scientists based at the University of Chicago, prominent in the early to mid-20th century. They emphasize the importance of free markets, individual choice, and minimal government intervention in promoting economic efficiency and innovation. They believe that markets tend to self-correct and that economic outcomes are best achieved when individuals and businesses are free to make their own decisions. Their ideas have influenced modern economics, especially in areas like urban development, law, and policy, advocating for deregulation, competition, and personal responsibility.