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  Written by
  Allen R. Sanderson


  FEATURES
  > > Wealth of notions
  > >
The remains of the day
  > > A new Chicago seven
  > >
Beyond the bomb
  > >
The life and tomes


 


Wealth of notions
>>
Finally, 22 economists whose ideas have at least one point in common: they all won the Nobel Prize. Here, in translation, are the theories that made Chicago famous.


WILL THE CIRCLE BE UNBROKEN?
When a Chicago faculty member gets that early morning October call from Sweden, which happened a staggering six times from 1990 to 2000, I am often asked by friends in the administration and colleagues in other departments if there are still other contenders left here for the economics prize, or if the "Chicago School" Nobel well has finally run dry.

First, there is no one single Chicago School of Economics. Frank Knight, Jacob Viner, and Henry Simons led the charge in the early 20th century. They were followed by the Cowles Commission period (1939-55), when much of modern quantitative methods and mathematical economics began. Then came what many would term the Friedman era. It focused on monetary economics, created the workshop approach to research-and ended 20 years ago. The subsequent generation has produced a number of laureates, a broader base, and a diversity of research interests, including finance theory in GSB and the law and economics program across the Midway.

Second, the economics department, the Law School, and the Graduate School of Business continue to lure extraordinarily talented junior and senior economists to Chicago, and we also grow our own on the quadrangles. Chicago workshops are still the place to try out one's latest work. As long as the Academy continues to recognize ground-breaking research in economic theory and quantitative methods, creative applications to important (and often controversial) social problems, empirical assessments of public-policy decision making, and successful efforts that stretch the discipline's boundaries, Chicago will be well represented in Stockholm. The pipeline is certainly not empty of ideas or candidates.

And in October 2002 the Royal Swedish Academy will award the Nobel Prize in Economic Sciences to….


A TASTE OF CHICAGO

MAROON IN THEIR BLOOD

THE CHICAGO MACHINE

WILL THE CIRCLE BE UNBROKEN

 

 

 


  DECEMBER 2001

  > > Volume 94, Number 2


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