Chicago school

A school of thought that emerged from the University of Chicago and was associated with belief in the free market, monetarism, and that people are rational, and act in their self-interest. Its leading exponents include Gary Becker, Ronald Coase and Milton Friedman. The school gained influence in the 1970s, as conservative politicians adopted its nostrums and the Keynesian post-war consensus broke down. See also monetarism and public choice theory.