The Chicago School <Back to Last Page>     <Full Glossary>

Definition of The Chicago School: The Chicago School refers to an perspective on economics of the University of Chicago circa 1970. Variously interpreted to imply:

1) A preference for models in which information is perfect, and an associated search for empirical evidence that choices, not institutional limitations, are what result in outcomes for people. (E.g., that committing crime is a career choice; that smoking represents an informed tradeoff between health risk and immediate gratification.)

2) That antitrust law is rarely necessary, because potential competition will limit monopolist abuses. (Econterms)

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