Chicago School attaches importance to the theoretical analysis of structure-behavior-performance. Based on the basic hypothesis of price theory, the competitive efficiency of the market should be emphasized. The main representatives of Chicago School are stigler, Demsetz, Posner and Mickey. The main theoretical paradigm of Chicago School is the competitive equilibrium model. The key is to put forward the allocation efficiency and technical efficiency in long-term equilibrium. The condition of allocation efficiency is that the price is equal to the long-term marginal cost, and the condition of technical efficiency is that the price is equal to the lowest point of the long-term average cost curve of the enterprise, which means that the output of the industry, whether it is capital shortage or capital surplus, is below the optimal scale boundary. In the competition model, distribution and technical efficiency mainly come from two structural conditions-the number of transactions and free access.
Chicago School of Economics is a flexible economic discussion group, which is composed of teachers and students from the Department of Economics of the University of Chicago. Its core value is neoclassical economics, which believes in market mechanism and laissez-faire, and opposes any form of intervention, socialist planned economy and Keynesianism.
From 65438 to the 1950s, Chicago School was famous for trying to prove the fallacy of Keynes's theory with econometrics. For a time, this school became an outpost of resisting Keynesianism in economics. But the debate lasted for a long time, and both sides thought they had won the debate.
The formation of schools
When members of this school talk about the history of their own school, they usually start with the first generation (especially Frank Knight) who gathered at the University of Chicago in 1930' s, but before 1950' s, the name of "Chicago School of Economics" did not come into being, and no one among the early representatives of this school published a very striking economic proposition except Knight. Milton friedman's return to his alma mater (University of Chicago) in 0/946 was regarded as a crucial year. In just a few years, he injected vitality into the school mainly through the elaboration of monetary theory. From 65438 to 0957, the book Towards General Value Theory by economist Zhang Bolin included a special chapter on Chicago School, which was the first document to put forward the name of Chicago School. By the 1960 s, the existence of this school had been generally recognized, and its members began to pretend to be the school. Then high flyers of the Economics Department of the University of Chicago returned to his alma mater to teach after graduation, and the tradition of devoting himself to this school was formed. Until1980s, its influence increased year by year. Generally speaking, the prosperity of Chicago School of Economics is related to the wisdom and eloquence of the second generation leader milton friedman. Robert Lucas Jr Jr. and gary becker of the third generation Chicago School of Economics respectively represent two different research directions and have achieved fruitful academic results.
School member
A member who teaches at the University of Chicago.
Frank Knight (1885-1972)-an early figure of this school, and later the backbone members of this school were mostly his students.
Milton friedman (born in1912)-1976 Nobel Prize winner in economics.
George stigler (1911-kloc-0/991)-1982 Nobel laureate in economics.
Ronald coase (born in1910)-1991winner of the Nobel Prize in Economics.
Robert fogel (born in1926)-1993 Nobel Prize winner in economics.
Gary becker (born in1930)-1992 Nobel Prize winner in economics.
Robert Lucas, Jr. (young, born in1937)-1995 Nobel Prize winner in economics.
Richard Posner (born in 1930)
Thomas sauville (born in 1939)