Milton Friedman and the Chicago School of Economics
Ebeling, Richard M., Freeman
Milton Friedman, who passed away on November 16 at age 94, once commented that there is no such thing as different schools of economics; there is only good economics and bad economics. While he may have sincerely believed this, Friedman was nonetheless the twentieth century's most outstanding contributor to what has become known as the Chicago school of economics.
The University of Chicago's economics department was founded in 1892 with the appointment of J. Laurence Laughlin as the head professor. An uncompromising advocate of laissez faire and free trade, Laughlin may be said to have set the tone for much of the department for the next hundred years.
In the period …
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Publication information: Article title: Milton Friedman and the Chicago School of Economics. Contributors: Ebeling, Richard M. - Author. Magazine title: Freeman. Volume: 56. Issue: 10 Publication date: December 2006. Page number: 2+. © Foundation for Economic Education, Incorporated Jan/Feb 2009. Provided by ProQuest LLC. All Rights Reserved.