Economics in Chicago and the New Chicago School

Roberto Marchionatti

Chapter Chapter 6 in Economic Theory in the Twentieth Century, An Intellectual History—Volume III, 2024, pp 197-274 from Springer

Abstract: Abstract The chapter deals with the New Chicago School in Chicago, around a group of economists like George Stigler, Milton Friedman, Ronald Coase and Gary Becker, without forgetting the role of Friedrich Hayek in the development of its neoliberalist ideology, and outside Chicago, in the universities of the “Chicago connection”: University of California, Los Angeles, and the Virginia Universities, with many economists, the figure of greater relevance being James Buchanan. Firstly the chapter examines the contributions of the Chicago’s economists: Stigler’s studies of industrial structures, functioning of markets and causes and effects of public regulation; Friedman’s contributions in macroeconomics that contributed to undermine the postwar Keynesian consensus; Coase’s neo-institutionalist contribution; Becker’s studies which applied the principle of optimizing behavior to areas traditionally not belonging to the domain of economics. Then the chapter analyzes the contributions of economists outside Chicago who extended the Chicago perspective: in particular Buchanan’s Public Choice research program is examined.

Keywords: New Chicago School; A. Director; T. Schultz; F. Hayek; Neoliberalism; J. Stigler; Industrial Economics; The Organization of Industry; M. Friedman; Monetarism; Studies in the Quantity Theory of Money; Criticism of Phillips Curve; R. Coase; The Problem of Social Cost; G. Becker; The Economic Approach to Human Behavior; Chicago Economics outside Chicago; A. Alchian; H. Demsetz; G. Tullock; J. Buchanan; Public Choice; The Calculus of Consent (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-50222-4_6

Ordering information: This item can be ordered from
http://www.springer.com/9783031502224

DOI: 10.1007/978-3-031-50222-4_6

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().