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Chicago School. A neoclassical school of thought within the context of macroeconomics. Connected to the freshwater schools, not the saltwater schools. Rejected Keynesianism in favor of monetarism until the mid '70's. The term coined in the 1950's.

November 2006 - Milton Friedman an American economist dies at the age of 94

Adam Smith (1723-1790) Magnum Opus: An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Adam Smith Pioneer of Political Economy and Father of Modern Economics and Capitalism. Wrote An Inquiry into the Nature and Causes of the Wealth of Nations, pub. Collaborated with David Hume. Member of the Royal Society of London.

School of Salamanca. Attention was drawn to the economic thought of the School by Joseph Schumpeter's History of Economic Analysis (1954) praising the high level of economic science in Spain in the 16th century. He argued that the School deserved to be considered the founders of economics as a science. Seeds for the future "currency" and "banking" schools germinated here. The School  is similar in many ways to that of the Austrian School. Murray Rothbard referred to them as proto-Austrians.

School of Salamanca. Attention was drawn to the economic thought of the School by Joseph Schumpeter's History of Economic Analysis (1954) praising the high level of economic science in Spain in the 16th century. He argued that the School deserved to be considered the founders of economics as a science. Seeds for the future "currency" and "banking" schools germinated here. The School is similar in many ways to that of the Austrian School. Murray Rothbard referred to them as proto-Austrians.

London School of Economics. Founded 1895 by Fabian Socialist Society members Sidney & Beatrice Webb, Graham Wallas & George Bernard Shaw.

The beaver is the mascot of the London School of Economics & its slogan is 'Rerum causas cognoscere,' (to know the causes of things).

Lausanne School of Economics. The "Mathematical" school of thought surrounding the Leon Walrus and later that of Vilfredo Pareto (both French). The central feature was the development of General Equalibrium Theory. This was what I intuitively rebelled against in my first economics class in 1967, saying in class that if my uncle, who owned seven banks in Miami, used this methodology, he would be broke. The class laughed and I was failed. I was vindicated decades later by the Austrian School.

Lausanne School of Economics. The "Mathematical" school of thought surrounding the Leon Walrus and later that of Vilfredo Pareto (both French). The central feature was the development of General Equalibrium Theory. This was what I intuitively rebelled against in my first economics class in 1967, saying in class that if my uncle, who owned seven banks in Miami, used this methodology, he would be broke. The class laughed and I was failed. I was vindicated decades later by the Austrian School.

Physiocracy. Greek for "Government of Nature." First well-developed theory of economics. Late 18th century France. Francois Quesnay (1694-1774) & Anne-Robert-Jacques Turgot (1727-1781). Wealth derived solely from "land agriculture." Immediately preceded the first modern school, Classical Economics.

First published in Subjects: Accessible book, Economics, History, Physiocrats;

A school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation. Monetarism today is mainly associated with the work of Milton Friedman.

A school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation. Monetarism today is mainly associated with the work of Milton Friedman.

Bases its study of economic phenomena on the interpretation and analysis of the purposeful actions of individuals. Contributions include the subjective theory of value, marginalism in price theory and formulation of the economic calculation problem. Expounds the belief that aggregate statistical models are not appropriate tools with which to model purposeful action or to analyze the economic results thereof.

Bases its study of economic phenomena on the interpretation and analysis of the purposeful actions of individuals. Contributions include the subjective theory of value, marginalism in price theory and formulation of the economic calculation problem. Expounds the belief that aggregate statistical models are not appropriate tools with which to model purposeful action or to analyze the economic results thereof.

19th century; 1840's-1850's. Created to oppose the "Currency" School. Opposed the banknote reserve requirement of Bank Act of 1844

Created to oppose the "Currency" School. Opposed the banknote reserve requirement of Bank Act of 1844

1840's - 1850's Supported the 1844 Bank Charter Act. Issuing excessive banknotes was the major cause of inflation. Gold reserves were believed to keep it under control.

- Supported the 1844 Bank Charter Act. Issuing excessive banknotes was the major cause of inflation. Gold reserves were believed to keep it under control.

"Chicago" School

University of Chicago, Booth School. Campus located in 'burb of Chicago minutes from Downtown Chicago. Class size of Length of program: 21 months