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The Chicago (Monetarist) School of Economics

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Write an Essay on The Chicago (Monetarist) School of Economics

1. Provide a Very Brief History of the School
2. Identify the School's Most Famous Members
3. Set Forth and Explain the Basic Teachings of the School (Number 3 is the most important aspect of the essay, and should make up the vast majority of the essay.)

MANDATORY Format (No Exceptions) For All Essay Assignments:

1. Length: 1,000 to 1,500 words in Body of Essay. Title Pages, References, Illustrations, etc. Do Not Count as Part of Word Total.

2. A Minimum of 5 and Maximum of 7 Different Sources Must be Quoted and/or Directly Referenced in Each Essay. Encyclopedia or Encyclopedic-type Material (like Wikipedia, etc.) are NOT to be used.

3. Each Quotation and/or Direct Reference Must Not Exceed 50 Words. As such, a maximum of 350 total words can come from the sources used. The remainder of the Essay MUST be written by the student (650 to 1150 words, depending on the length of the Essay).

4. Proper Referencing of the Quoted/Referenced Material Requires Both In-Text Citations AND a Bibliography/Reference List.

Use the APA STYLE Format for your Citations and Bibliography/Reference List. Failure to use both In-Text Citations and a Bibliography/Reference List constitutes another form of Plagiarism.

Please also carefully note the following: Paraphrasing material or copying it without giving proper In-Text Citation and Bibliographical/Reference List credit to where that material came from is yet another form of plagiarism, so be careful. Again, THE USE OF ANY SOURCE MATERIAL MUST NOT exceed 50 words.

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The response addresses the queries posted in 1241 Words, APA Reerences

The Chicago (Monetarist) School of Economics

Brief History

The Chicago (Monetarist) School of Economics represents a neoclassical thought which describes numerous movements that took place in the field of arts, music, literature and theatre under the community of people who are in the field of studies and applies conceptions of economics with immense focus across the faculty belonging to University of Chicago. This university is situated in the Hyde Park. The school underlines the principle of non-intervention from government perspective and discards the regulation concerning laissez-faire in free market (here unregulated supply and demand determines the price) as ineffective. Chicago (Monetarist) School of Economics is associated with the neoclassical price theory and political philosophy which establishes that individual acts freely as per his wish. Till the period of 1980 Keynesianism (economic theory) rejected for favoring concept of financial economics and national income (Keynes, 2008).

In the 1920s, the Chicago (Monetarist) School of Economics was started by the theorist Frank H. Knight and Jacob Viner. On the other hand, it also referred to the education of economists in the Department of Economics at the University of Chicago. This school has affected the finance field to a greater extent by formulating efficient market hypothesis. Beliefs and opinion of the Chicago school is not favored by all the economists at the University of Chicago, especially under the Department of Economics (The Chicago School, 2009).

Theories of Chicago school are connected with the contentious Washington Consensus policies. People who assist the Chicago School give preference to the school vouchers, competition law, intellectual property and favor negative income tax of Milton Friedman in the form of substitute to the subsisting system of welfare by stating that it is much less complicated and has less perverse inducements of the government handouts (Chicago school (economics), 2009).

Most Famous Members of the Chicago School of Economics

Frank Hyneman Knight: One of the famous members of ...

Solution Summary

The response addresses the queries posted in 1241 Words, APA References

See Also This Related BrainMass Solution

Writing in Economics

1. What is plagiarism?

2. What is "reverse plagiarism" and why might Milton Friedman have indulged in it in 1956?

HINT: search for articles on the Chicago oral tradition (I have 2 books on the subject:
R. Leeson ed. _Keynes, Chicago and Friedman_. Chatto and Pickering).

3a. Which sources are academically respectable?

3b.Which sources are not academically respectable?

3c. Which category does Wikipedia fall into?

4. How do economists grade themselves and each other?

Hint: see websites such as this:


5. What is meant by a "peer reviewed article". Why is this process important?

6. Which are the leading peer reviewed academic journals in economics?

See for example the reference to group 1 journals:


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