University of Chicago (Chicago School of Economics)

The Chicago School of Economics, associated with the University of Chicago, is a prominent school of thought that emphasizes free markets, individual choice, and limited government intervention in the economy. Founded in the early 20th century, its scholars advocate that markets tend to self-regulate and efficiently allocate resources. Key concepts include rational choice theory and the idea that information is crucial for market functioning. Influential economists like Milton Friedman emerged from this tradition, shaping modern economic theory and policy, particularly around ideas of monetary policy and deregulation. Overall, it promotes the belief that economic freedom fosters innovation and prosperity.