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Related to Chicago school: University of Chicago
Chicago school a group of economists at Chicago University, most notable of whom is Milton FRIEDMAN, who have adopted and refined the QUANTITY THEORY OF MONEY, arguing the need for governments to control the growth of the MONEY SUPPLY over the long term. Within the broad parameters set by stable money growth, the Chicago school stresses the importance of the market system as an allocative mechanism, leaving consumers free to make economic decisions with minimal government interference. See MONETARISM.