The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business Review

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The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business ReviewThe economics school of the University of Chicago has long been recognized as "both a Mecca and a Rome for economic science for its many Nobel prize winners in economics, its number of professors and graduates holding high-level economic positions in the national government, and the impact of the economic theories associated with the school. So Van Overtveldt does not have to make the case for the University's unrivaled influence in this field of economics. Instead, he gets to the reason for this influence--and he finds two bases for this, namely the Chicago Tradition and the Chicago School. The Tradition is a cluster of "characteristics" exemplified by individuals at the school of economics. Among these are a strong work ethic and the criterion of academic excellence as the sole basis for advancement along with a belief in the relevance of economics to the lives of ordinary individuals. The Chicago School factor entails key economic ideas and principles which have proven reliable both as explanations for economic behavior and as guidelines for successful economic policies. The bedrock belief is that "free markets and the price mechanism are the most effective and desirable ways for a society to organize production and economic life in general." Milton Friedman, Theodore W. Schultz, Paul Samuelson, and Frederick Hayek are economists who have been associated with the Chicago school of economics in one way or another. Van Overtveldt succinctly summarizes their ideas, precepts, work, and influence for a picture of the U.S.'s foremost educational institution in the field of economics. The author is a director of a Belgium think tank.
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