Chicagoer school / Economic liberalism

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The Chicagoer school designates an institutionalized economic or sociological research direction, the two in 20. Developed for century at the University OF Chicago.

Economically: The expression Chicagoer school designates in 20. Century to the University OF Chicago developed economic program. The economical faculty of the University OF Chicago belonged since the establishment to the outstanding research establishments in the USA and is first admits for opinion variety and Methodenpluralismus.

Sociologically: The sociological research direction of the Chicagoer school refers to the research work, since early 20. Century at Institut for anthropology and sociology and of the University OF Chicago was operated. Treated topics are among other things city sociology, minority and subculture studies. An important keyword is the social ecology. Founder of the Chicagoer school is Robert park. Substantial further representatives of this sociological direction are among other things William Thomas, George Herbert Mead (symbolic interactionism) and Roderick D. McKenzie. Despite the original variety of the beginnings "Chicago stands "for a definite program.

The economic Chicagoer school

Term

In addition ones to this rather spontaneous and unplanned genesis of a research group carries out itself in the scientific and public discussion starting from center of the 1940er years a second process, in whose process the Chicagoer school is stylized to a label name. In the literature the Chicagoer school emerges only after 1950 and only around 1960 becomes it one among economists far away admitted independent school.

In addition there are those

Corner points of the research program

The program of the Chicagoer school is deduced from the history of the impact and can be consolidated to four postulates:

The Chicago school is characterised by convinced occurring for a individualistisch aligned free-market economy. Above all the advantages and achievements of the free market order are always emphasized like e.g. the effectiveness of free markets, freedom of trade and Allokationseffizienz, while distribution questions remain to a large extent unconsidered. After the tendency this beginning equates the actual market with the acceptance of the theory. If the world would tick after the clock of the economic models, then it would be from the Chicagoer view a better world. Market and politics stand in a binaryistic relationship: The market is equated with a free which the political sphere opposes as place of the liberty robbing.
The Chicago school is inclined secondly to accept the results of the market process regardless of its output conditions. Politico-economic interferences are regarded against it with skepticism. The policy has itself to hold out from the private sector, because it either when ineffectively or harmful proves. For example inflation from a monetary policy develops.
The Chicago school tends thirdly to recognize concentrations of power and monopolies with priority at government and trade unions. The political monopoly of the state is interpreted with the same categories as the dominating the market position of an enterprise. Even if with monopolies negative effects result, then their extent from Chicagoer view in the competition-political discussion is overrated to a large extent. From this a large Abstinenz the anti- Trust politics results for the Chicago school. Instead competitive policy means to let the positive incentive function of the competition within as much as possible ranges work.
The Chicago school stresses fourth the relevance and usefulness of the neoclassical theory, in order to explain economic behavior. The economic theory does not consist the Chicagoer beginning following of an abstract and often mathematically formulated building of theorems, but from the economic analysis equipment, with which a multiplicity of practical problems can be solved. Theoretical Verallgemeinerungen are to be tested empirically. In the confrontation with the keynesianischen theory the central position of the equilibrium conception for the Chicagoer reference framework proves.

Classification into theory history

The program of the Chicagoer school is to be regarded as economiceconomics foundation of the economic policy of Margaret Thatcher and Ronald Reagan. The economist and social philosopher Friedrich August von Hayek are idea-historically related to the Chicagoer program.

Phases of the teachings

In the first phase - attraction of the conservative Dekan Laurence Laughlin - among other things as different economists teach as Thorstein federation Veblen, Wesley C. Mitchell, Alvin Johnson, John Maurice Clark and whale clay/tone Hamilton.

The roots of these Chicagoer school go back into the 1930er years. In this time three groups can be identified within the restaurant faculty: First the so-called hard core of the later Chicago school - consisting of the Trio franc Knight, Jacob Viner and Henry Simons. Then a second group, which can be called Institutionalisten; and finally a third heterogeneous group of quantitatively oriented economists.

From the interrelation between franc a circle develops Knight and Jacob Viner, to whose most important members Milton Friedman, his later Mrs. Rose Director, George Stigler, all Wallis as well as the younger lecturers Aaron Director and Henry Simons belong. The intensive exchange around the charismatischen teacher franc Knight lets the group erstarken to the germ cell of its own direction within the faculty.

Thus the Chicagoer school receives mention at one time for the first time, when Emeritierungen, deaths as well as way appointments the faculty weaken clearly, and straight Milton Friedman of the Columbia University as a professor to Chicago returns (1946). Besides it may be assumed that Friedman, which had confessed "only "at the second place of the appointment list strove particularly for the structure of its own Reputation. Friedman is considered today as most well-known "Chicago Boy ".

Chicago Boys

Chicago Boys were into the 1970ern a group of liberal economists, who had visited the University OF Chicago. They were very influential in Chile under the military dictatorship of Augusto Pinochet. The group consisted of Arnold Harberger (Latin American Finance Workshop), Milton Friedman (Money and Banking Workshop) and other trailers of the Chicagoer school.

among Chicago Boys are ranked: