The Chicago School of Economics

The Chicago School of Economics is a prominent economic school of thought that emerged in the mid-20th century, primarily at the University of Chicago. It emphasizes free markets, limited government intervention, and the importance of individual choice. Economists from this school argue that free competition leads to efficient outcomes and wealth creation. Notable figures include Milton Friedman, who advocated for monetary policy rules and deregulation. The Chicago School has significantly influenced economic policy, particularly in areas like taxation, welfare, and monetary theory, promoting the idea that markets generally work best when left to operate freely.