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The Elgar Companion to the Chicago School of Economics

Edited by Ross B. Emmett, Professor of Political Economy and Political Theory and Constitutional Democracy, and Co-Director, Michigan Center for Innovation and Economic Prosperity, James Madison College, Michigan State University, US
Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.
Extent: 360 pp
Hardback Price: $220.00 Web: $198.00
Publication Date: 2010
ISBN: 978 1 84064 874 4
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Paperback Price: $67.00 Web: $53.60
Publication Date: 2012
ISBN: 978 1 84980 867 5
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  • Economics and Finance
  • Economic History
  • History of Economic Thought
  • Methodology of Economics
Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.

A companion in the true sense of the word, this volume surveys a wide body of Chicago economic studies and guides readers carefully through each. The Companion offers biographies of leading Chicago economists and evaluations of the School’s connection to approaches to economics that draw from and complement the School, including the Virginia School and the work of Armen Alchian and Edward Lazear. Moreover, this book is a first in many respects as it analyzes the interconnections of the Chicago School’s theory, methodology, and policy, and considers by what means and ideas the School’s policy framework is driven.

The breadth and depth of the insights presented here will appeal especially to students and scholars of economics and historians interested in economics, social science and applied public policy.
‘The attraction of the project shows in the number of eminent authors who contributed, and who in part came from very different backgrounds. . . recommended.’
– Betrand Schefold, Jahrbucher für Nationalokonomie und Statistik
Contributors: O. Ashenfelter, H.S. Banzhaf, W.J. Barber, D.K. Benjamin, J.E. Biddle, G.L. Brady, G.G. Cain, R.B. Emmett, E. Forget, M. Gunderson, J.D. Hammond, D.W. Hands, S.D. Kasper, B.E. Kaufman, D. Laidler, H. Li, S.G. Medema, P. Mirowski, D. Mitch, E. Nik-Khah, J. Pencavel, H. Rockoff, M. Rutherford, E. Schliesser, P.N. Teixeira, R. Van Horn, S.T. Ziliak
Contents:

Preface

Introduction
Ross B. Emmett

PART I: ESSAYS ON THE CHICAGO SCHOOL
1. The Development of Post-war Chicago Price Theory
J. Daniel Hammond

2. Chicago Economics and Institutionalism
Malcolm Rutherford

3. Adam Smith and the Chicago School
Steven G. Medema

4. The Economic Organization, by Frank H. Knight: A Reader’s Guide
Ross B. Emmett

5. The Chicago School of Welfare Economics
H. Spencer Banzhaf

6. Chicago Monetary Traditions
David Laidler

7. On the Origins of A Monetary History
Hugh Rockoff

8. Chicago and Economic History
David Mitch

9. Chicago and the Development of Twentieth-Century Labor Economics
Bruce E. Kaufman

10. Human Capital, by Gary S. Becker: A Reading Guide
Pedro Nuno Teixeira

11. Chicago Law and Economics
Steven G. Medema

12. Friedman, Positive Economics, and the Chicago Boys
Eric Schliesser

13. Neoliberalism and Chicago
Robert Van Horn and Philip Mirowski

14. Armen Alchian on Evolution, Information, and Cost: The Surprising Implications of Scarcity
Daniel K. Benjamin

15. The Chicago Roots of the Virginia School
Gordon L. Brady

PART II: SOME CHICAGO ECONOMISTS
1. Gary S. Becker
Pedro Nuno Teixeira

2. Ronald Harry Coase
Steven G. Medema

3. Aaron Director
Robert Van Horn

4. Paul H. Douglas
Glen G. Cain

5. Berthold Frank Hoselitz
David Mitch

6. Frank H. Knight
Ross B. Emmett

7. J. Laurence Laughlin
William J. Barber

8. Edward P. Lazear
Morley Gunderson

9. H. Gregg Lewis
Jeff E. Biddle

10. Deirdre N. McCloskey
Stephen T. Ziliak

11. Richard A. Posner
Steven G. Medema

12. Albert Rees
Orley Ashenfelter and John Pencavel

13. Margaret Gilpen Reid
Evelyn Forget

14. Sherwin Rosen
Hao Li

15. Henry Schultz
D. Wade Hands

16. Theodore William Schultz
Pedro Nuno Teixeira

17. Henry Calvert Simons
Sherryl D. Kasper

18. George J. Stigler
Edward Nik-Khah

19. Jacob Viner
William J. Barber

Index