Chicago Economics: Permanence and Change

The success of the University of Chicago School of Economics is reviewed. From the 1930s to the present, it has led the way in economic research and political conservatism. Tight Prior Equilibrium (TP) theory is central to the Chicago economic view. TP is based on the hypothesis that allocations of...

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Bibliographic Details
Published in:Journal of economic literature 1982-03, Vol.20 (1), p.1-38
Main Author: Reder, Melvin W.
Format: Article
Language:English
Subjects:
Chicago school of economics
Colleges & universities
Economic models
Economic research
Economic theory
Economics
Economics education
Economists
History
Keynesianism
Monopoly
Political economy
Positive economics
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Summary:The success of the University of Chicago School of Economics is reviewed. From the 1930s to the present, it has led the way in economic research and political conservatism. Tight Prior Equilibrium (TP) theory is central to the Chicago economic view. TP is based on the hypothesis that allocations of resources are made in such a way that alternative allocations cannot take place without a reduction in other allocations. Empirical inconsistencies require: 1. re-examination of data, 2. redefinition of variables, and 3. alteration of theory. The Chicago School is continuing to innovate in the development of TP empirical research in the fields of political economics, law and economics, and social interactions. Many prominent Chicago economists are discussed, including: 1. Milton Friedman, 2. Henry Schultz, 3. Oscar Lange, 4. Frank H. Knight, 5. Henry C. Simons, 6. Ronald Coase, 7. Gary S. Becker, and 8. George J. Stigler.
ISSN:0022-0515
2328-8175