Definition of Chicago School

Important strand of economic thought originating at the University of Chicago and focussed on the influence of money supply on the economy. The Chicago School's philosophy, as articulated in particular by Milton Friedman and F.A. Hayek, forms the backbone of monetarist policies, which normally emphasise non-interference by government, free competition, and the need to keep inflation low. This diverges substantially from the Keynesian philosophy of fiscal policy as the key stimulus.

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