Talk:Chicago school (economics)

From New World Encyclopedia
Unification Aspects:

The Chicago School is one of the better known American "schools" of economics. It is associated with a particular brand of economics which adheres strictly to neoclassical economic theory in its economic analysis, "free market" libertarianism in much of its policy work—asserting the view that people are best left to themselves, free to choose how to conduct their own affairs—and a methodology which is relatively averse to too much mathematical formalism and willing to forego careful general equilibrium reasoning in favor of more results-oriented partial equilibrium analysis.

Economists of the Chicago school are known for applying economic analyses to a broad spectrum of issues, many of which have normally fallen within the purview of other disciplines as far ranging as history, law, politics, and sociology. The vision and practice of Chicago School economists has been to carry out empirical, real-world research, combining basic theory with data to address contemporary and historical problems. They have been willing to tackle unpopular, controversial topics, and to consider any new idea about what makes people act the way they do. Their placing of the highest value “on personal and economic freedoms” has guided their efforts to bring about a society of greater justice and prosperity for all.

Unification Thought notes, however, that no matter how much economists may endeavor to solve the real problems of human society they cannot succeed without an understanding of the spiritual nature of human beings. The Chicago school have been willing to consider many aspects of human nature in order to understand how they act. But without recognizing that human beings became self-centered due to the Human fall, losing their connection with God, becoming ignorant of their purpose of creation and the ideal, and their ability to put the good of all before their individual needs, no economic theory or policy based upon it can bring about a society of prosperity for all. It is within human nature that change must come. Still, the Chicago school, with its focus on human uniqueness and right to freedom and prosperity, has contributed greatly to the development of society. The mistakes that have been made are not so much the fault of the Chicago school but due to the self-centered greed of fallen human beings who have not yet been able to learn to live for the sake of others.

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