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The Chicago School of Welfare Economics

In: The Elgar Companion to the Chicago School of Economics

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  • H. Spencer Banzhaf

Abstract

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.

Suggested Citation

  • H. Spencer Banzhaf, 2010. "The Chicago School of Welfare Economics," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 5, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:2591_5
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    References listed on IDEAS

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    1. Ross B. Emmett, 2016. "Chicago School," Chapters, in: Gilbert Faccarello & Heinz D. Kurz (ed.), Handbook on the History of Economic Analysis Volume II, chapter 25, pages 368-374, Edward Elgar Publishing.
    2. Boland, Lawrence A, 1979. "A Critique of Friedman's Critics," Journal of Economic Literature, American Economic Association, vol. 17(2), pages 503-522, June.
    3. George J. Stigler, 1950. "The Development of Utility Theory. I," Journal of Political Economy, University of Chicago Press, vol. 58(4), pages 307-307.
    4. George J. Stigler, 1971. "Smith's Travels on the Ship of State," History of Political Economy, Duke University Press, vol. 3(2), pages 265-277, Fall.
    5. H. Spencer Banzhaf, 2004. "The Form and Function of Price Indexes: A Historical Accounting," History of Political Economy, Duke University Press, vol. 36(4), pages 589-616, Winter.
    6. Ross Emmett, 2007. "Oral History and the Historical Reconstruction of Chicago Economics," History of Political Economy, Duke University Press, vol. 39(5), pages 172-192, Supplemen.
    7. Harberger, Arnold C, 1993. "Secrets of Success: A Handful of Heroes," American Economic Review, American Economic Association, vol. 83(2), pages 343-350, May.
    8. Harberger, Arnold C, 1971. "Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay," Journal of Economic Literature, American Economic Association, vol. 9(3), pages 785-797, September.
    9. Milton Friedman & L. J. Savage, 1952. "The Expected-Utility Hypothesis and the Measurability of Utility," Journal of Political Economy, University of Chicago Press, vol. 60(6), pages 463-463.
    10. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56(4), pages 279-279.
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    Cited by:

    1. H. Spencer Banzhaf, 2020. "Panel Data Hedonics: Rosen'S First Stage As A “Sufficient Statistic”," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(2), pages 973-1000, May.

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