Chicago School of Economics

The Chicago school of economics is a neoclassical school of economic thought associated with the University of Chicago, particularly the work of Milton Friedman and George Stigler. Chicago macroeconomic theory initially rejected Keynesianism in favor of monetarism but later turned to new classical macroeconomics based on rational expectations. Chicago economists have also contributed to other fields such as public choice theory, law and economics, and social economics. The University of Chicago Economics department has been awarded 14 Nobel Memorial Prizes in Economic Sciences and six John Bates Clark Medals, with many of its members being associated with the Chicago school of economics.learn more on wikipedia