IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/2591_5.html
   My bibliography  Save this book chapter

The Chicago School of Welfare Economics

In: The Elgar Companion to the Chicago School of Economics

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781840648744.00012.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. J. Daniel Hammond, 2010. "The Development of Post-war Chicago Price Theory," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 1, Edward Elgar Publishing.
    2. Jean-Sébastien Lenfant, 2018. "Probabilising the consumer: Georgescu-Roegen, Marschak and Quandt on the modelling of the consumer in the 1950s," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(1), pages 36-72, January.
    3. Bordo, Michael D. & Rockoff, Hugh, 2013. "The Influence Of Irving Fisher On Milton Friedman’S Monetary Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(2), pages 153-177, June.
    4. Pierre-Charles Pradier, 2006. "De usu artis conjectandi in jure : quid de oeconomia (politica) ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00274325, HAL.
    5. Ivan Moscati, 2016. "Retrospectives: How Economists Came to Accept Expected Utility Theory: The Case of Samuelson and Savage," Journal of Economic Perspectives, American Economic Association, vol. 30(2), pages 219-236, Spring.
    6. Dorian Jullien, 2013. "Asian Disease-type of Framing of Outcomes as an Historical Curiosity," GREDEG Working Papers 2013-47, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    7. Tarnanidis, Theodore & Owusu-Frimpong, Nana & Nwankwo, Sonny & Omar, Maktoba, 2015. "Why we buy? Modeling consumer selection of referents," Journal of Retailing and Consumer Services, Elsevier, vol. 22(C), pages 24-36.
    8. Daniel Friedman & József Sákovics, 2015. "Tractable consumer choice," Theory and Decision, Springer, vol. 79(2), pages 333-358, September.
    9. Vesna Prasnikar, 1993. "Binary Lottery Payoffs: Do They Control Risk Aversion?," Discussion Papers 1059, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    10. Stephen Martin, 2019. "The Kaldor–Hicks Potential Compensation Principle and the Constant Marginal Utility of Income," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 55(3), pages 493-513, November.
    11. Guilhem Lecouteux, 2023. "The Homer economicus narrative: from cognitive psychology to individual public policies," Journal of Economic Methodology, Taylor & Francis Journals, vol. 30(2), pages 176-187, April.
    12. Galbács, Péter, 2019. "A chicagonomics és a közgazdaságtan imperializmusa ["Chicagonomics" and the imperialism of economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 229-255.
    13. Guilhem Lecouteux, 2022. "The Homer economicus narrative: from cognitive psychology to individual public policies," Working Papers hal-03791951, HAL.
    14. Steven G. Medema, 2010. "Adam Smith and the Chicago School," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 3, Edward Elgar Publishing.
    15. Geweke, John, 2001. "Bayesian econometrics and forecasting," Journal of Econometrics, Elsevier, vol. 100(1), pages 11-15, January.
    16. Friedman, Daniel & Isaac, R. Mark & James, Duncan & Sunder, Shyam, 2014. "Risky Curves: On the Empirical Failure of Expected Utility," Santa Cruz Department of Economics, Working Paper Series qt87v8k86z, Department of Economics, UC Santa Cruz.
    17. Schilirò, Daniele, 2017. "Economics versus psychology.Risk, uncertainty and the expected utility theory," MPRA Paper 83366, University Library of Munich, Germany.
    18. John Weymark, 2005. "Measurement theory and the foundations of utilitarianism," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(2), pages 527-555, December.
    19. Peter Galbács, 2021. "How the attitude of Chicago economics towards philosophy changed over time: an essay on what role some historical methods should play in practicing the philosophy of economics," Post-Print hal-03414823, HAL.
    20. Robert Shelburne, 2006. "A Utilitarian Welfare Analysis of Trade Liberalization," ECE Discussion Papers Series 2006_4, UNECE.

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:2591_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.