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"Underlying most arguments against the free market is a lack of belief in freedom itself."
Chicago School, also known as Chicagoan Libertarianism, is a kind of libertarian, economically center right to far-right, and culturally centrist but sometimes left-leaning political ideology.
It is used quite often to refer to File:Neoliberal-icon.png Neoliberalism, although only a few economists of this school have referred to themselves as neoliberals.
It is quite a simple ideology, it's File:Libertarian.png Libertarianism based on the thought of the Chicago School of Economics, which is a Neoclassical school of economics associated with the University of Chicago, mostly known for the Libertarian economist of second generation, and Nobel prize winner, Milton Friedman.
Beliefs
[edit]Within the precise ideas on economic believes, it is associated with the rejection of File:Keynes.png Keynesian School in favor of File:Monet.png Monetarism (which states that it's desirable to have a Monetary policy controlled by the government as long as it expands money supply consistent with GDP growth) until the mid-1970s when it turned to new classical macroeconomics strongly based on the concept of rational expectations. Specifically, File:NuKeynesPix.png Neo-Keynesian economics was developed as a response to new classical economics and Friedman's critiques to Keynesianism, electing to incorporate the idea of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.
Chicago economists have also left intellectual influence in other fields, notably in pioneering public choice theory and law and economics, which have led to revolutionary changes in the study of political sciences. The school also has some research done that has left some impact in fields as diverse as social economics and economic history. Thus, there is not a clear delineation of the Chicago school of economics, a term that is more commonly used in the popular media to refer to Friedmanite economics rather than being used in actual academic circles.
History
[edit]Chicagoan Libertarianism derives from the File:ChicagoSchool.png Chicago School of Economics, mainly under the teachings of Milton Friedman, albeit there were several other acclaimed economists before Friedman, commonly known as the "First Generation," of the Chicago School of Economics. The most notable of these economists being, but not limited to, Frank Knight, Henry Simons, Jacob Viner, Aaron Director and Theodore Schultz, among others. These men laid the groundworks for what would soon become an Economic Revolution.
Milton Friedman was a student of Frank Knight who would go on to write several influential pieces, of which he'd win a Nobel Peace Prize in 1976, and go on to change the framework of not only Western, but Global Economic Policy. Friedman supported Free Trade, Small Government, Limited Economic Regulation, Central Banking, Fiat Currency and Monetary Caution, among others. Friedman is often cited as one of the most famous economists in World History, influencing conservatives, liberals and libertarians alike across the world from America to China, from Chile to Sweden. His teaching are felt throughout the world to this day, and is considered as one of the greatest economists of all time.
Friedman's Legacy still carries on to this day, with many of his students still carrying the Torch of his success. Even more leftist groups and institutions praise Friedman for his policies of limited regulation and Free Markets. He would tragically end up passing away due to Heart Failure on November 16th of 2006
Personality and Behaviour
[edit]Chicago Libertarians behave as an average kind of moderate Libertarian economist.
How to Draw
[edit]Chicago School's balls design is a combination of the Chicagoan and Gadsden flags.
- Draw a ball
- Color the ball white
- Add two horizontal stripes in the middle, leaving two small white bars at the top and bottom, and one large bar in the middle
- Draw two six-pointed red stars within the middle bar, on the left and right
- Between the stars, draw a black Gadsden snake
- Below the snake, in the lower white bar, draw some variation of the words "DON'T TREAD ON ME"
- Draw the eyes
You're done!
| Color Name | HEX | RGB | |
|---|---|---|---|
| Light Blue | #B3DDF2 | rgb(179, 221, 242) | |
| Red | #FF0000 | rgb(255, 0, 0) | |
| Black | #141414 | rgb(20, 20, 20) | |
| White | #FFFFFF | rgb(255, 255, 255) | |
Relationships
[edit]Friends
[edit]- File:Clib.png Classical Liberalism - My moderate Grandpa.
- File:Neoliberal-icon.png Neoliberalism - My best known son.
- File:Monet.png Monetarism - My forgotten son.
- File:Georgist.png Georgism - You're the least bad tax.
- File:Hayek.png Hayekism - My more radical nephew who wants to completely free the banking sector.
- File:Socliber.png Social Libertarianism - A bit too regulationist, but UBI is pretty cool.
- File:Libertarian.png Libertarianism - My father who's got almost the same beliefs as me.
- File:Paleolib.png Paleolibertarianism - My traditionalist sibling.
- File:Reactlib.png Reactionary Liberalism - My very old-school pal. LDP, Morsi and JAK are especially based.
- File:Pinochet-hat.png Pinochetism - I helped run your economy.
- File:Scientocracy Small.png Scientocracy - "The Chicago approach is to start out with essentially the same intuitions, you use them to form plausible conjectures, but because the world is a very complicated place, you recognize that your conjecture might be wrong."[5]
Frenemies
[edit]- File:Austrobert.png Austrian School - Good guy! Wish he liked my monetary policies and File:Empiricism.png empiricism more though.
Anarcho-Capitalism - Government is very important in providing law and order, property rights, and even regulations, among others. Please open up a bit.- File:3way.png Third Way - Neolib, but too willing to compromise with Keynesians
- File:Plcn2.png Paleoconservatism - He used to be a cool guy back in the day, but now he's a protectionist that doesn't value free trade, and also way too statist.
And I think illegal immigration is nice.
Enemies
[edit]- File:Keynes.png Keynesian School - Way too statist, and he doesn't even know the basics of economics. Your File:Newkeynes.png son is pretty cool though.
Social Democracy - They have corrupted the Western societies with their inefficient bureaucracy and their welfare states.- File:LibSocDemIcon.png Libertarian Social Democracy - Don't tread on me, you filthy fake libertarian Keynesianism simp!
- File:Marketsoc.png Market Socialism - Socialists cannot have a fair market, your worker's council bureaucracy makes me want to puke and too much worker power make it uncompetitive. Not to mention many of you simp for File:Keynes.png this c*mmunist.
- File:Cybercom.png Cybercommunism - AI commie that wants to get rid of me.
Marxism–Leninism - Socialist and authoritarian. No. Just no.- File:Nazi.png Nazism - They want to treat people differently before law, and killed several millions of people.
Further Information
[edit]Wikipedia
[edit]- Chicago school of economics File:Chilib.png
- Milton Friedman File:Friedman.png
- David D. Friedman File:AnChilib.png
- Thomas Sowell File:Sowell.png
- Anna Schwartz File:Monet.png
- Permanent income hypothesis
- Natural rate of unemployment
- Negative income tax File:NIT.png
- Quantity theory of money
- Monetary disequilibrium theory
- School voucher
Literature
[edit]- A Positive Program for Laissez-Faire by Henry Calvert Simons
- Capitalism and Freedom by File:Friedman.png Milton Friedman
- A Program for Monetary Stability by File:Friedman.png Milton Friedman
- The Optimum Quantity of Money: And Other Essays by File:Friedman.png Milton Friedman
- Basic Economics by File:Sowell.png Thomas Sowell | Audiobook
Articles
[edit]YouTube
[edit]Channels
[edit]Videos
[edit]- Steelmanning and then "destroying" LIBERTARIANISM (Milton Friedman's Chicago School) by File:PF Jung.png PF Jung
- Austrian vs. Chicago economics by File:Reason.png ReasonTV
References
[edit]- ↑ Mr. Market. "EPSTEIN: With respect to your saying you would not want to see a central bank, you long ago proposed that we simply pursue a policy of steady growth in a particular monetary aggregate. But wouldn’t that require a central bank to implement?
FRIEDMAN: Yes, but I would substitute a computer for it, not a central bank. All you would have to do is have it buy or sell X dollars of securities. It is purely a technical matter." - ↑ 2.0 2.1
- ↑ Some of the Chicago Boys, such as Álvaro Bardónand Sergio de Castro, even saw dictatorship as the ideal regime to ensure market neutrality. De Castro, who had a leadership role with the Chicago Boys, wrote that "a person's actual liberty can only be secured by an authoritarian regime that exercises violence by enforcing equal rules for all."
- ↑ https://en.wikipedia.org/wiki/James_M._Buchanan#Views_on_Anarchy
- ↑ https://www.youtube.com/watch?v=R0qzmgRozL0&t=1946
Gallery
[edit]-
Original image
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u/CoolingDev Source
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By AquaHeart
Navigation
[edit]
| Canon | File:NatProg.png Bull Moose Progressivism • File:Cdem.png Christian Democracy • File:Civnat.png Civic Nationalism • File:Civlibert.png Civil Libertarianism • File:Clib.png Classical Liberalism • File:Conlib.png Conservative Liberalism • File:Georgist.png Georgism • File:Girondi.png Girondism • File:Glib.png Green Liberalism • File:Helv.png Helvetic Model • File:Islamic Democracy.png Islamic Democracy •  Jacobinism • File:Liberalconservative.png Liberal Conservatism • File:Libfem.png Liberal Feminism • File:Liberalsoc.png Liberal Socialism • File:Lib.png Liberalism • File:Liberaltarianism.png Liberaltarianism • File:Nalib.png National Liberalism • File:Neoliberal-icon.png Neoliberalism • File:Orlib.png Ordo-Liberalism • File:Radlib.png Radicalism • File:Reactlib.png Reactionary Liberalism • File:Bernst.png Reformist Marxism • File:Rockrep.png Rockefeller Republicanism •  Social Democracy • File:Soclib.png Social Liberalism • File:Statlib.png State Liberalism • File:Steinval.png Steiner-Vallentyne School • File:Synclib.png Big Tent Liberalism • File:Neotech.png Technoliberalism • File:3way.png Third Way File:Third Way - alt.png |
|---|---|
| Canon |  Anti-Authoritarianism • File:Austrobert.png Austrian School • File:Bhl.png Bleeding-Heart Libertarianism • File:Chilib.png Chicago School • File:Civlibert.png Civil Libertarianism • File:Crusade of Romanianism.png Crusade of Romanianism • File:Demcon.png Democratic Confederalism • File:Geolib.png Geolibertarianism • File:Glibr.png Green Libertarianism • File:Helv.png Helvetic Model • File:Liberaltarianism.png Liberaltarianism • File:Libcon.png Libertarian Conservatism File:Conbertf.png • File:Libertfem.png Libertarian Feminism • File:LiberMon.png Libertarian Monarchism • File:Libpos.png Libertarian Possibilism • File:Libsoc.png Libertarian Socialism • File:Libtrans.png Libertarian Transhumanism • File:Libertarian.png Libertarianism • File:Minarchist.png Minarchism • File:Minsocf.png Minarcho-Socialism • File:Natlib.png National Libertarianism • File:Neobert2.png Neo-Libertarianism File:Neobert.png • File:Paleolib.png Paleolibertarianism • File:FDF-Pirate.png Piratism • File:Polyarchy.png Polyarchy • File:Property.png Propertarianism • File:Socliber.png Social Libertarianism • File:Steinval.png Steiner-Vallentyne School |
|---|---|
