Chicago School, Monetarism and the Free-Market Counter-Revolution

The mid-to-late twentieth-century American schools that challenged Keynesian orthodoxy from a free-market, price-theoretic direction. Belongs here: the Chicago School's price-theoretic defense of competitive markets; Monetarist Economics, Milton Friedman's argument that controlling the money supply is the primary tool of stabilization policy; New Classical Economics, which models agents with rational expectations to argue systematic countercyclical policy cannot work; Public Choice Theory, which applies economic self-interest analysis to political and bureaucratic decision-making; and Supply-Side Economics, the policy doctrine that tax and regulatory incentives on production drive growth. Does not belong here: the Austrian School, a separate free-market tradition built on subjective value theory rather than Chicago-style neoclassical price theory, grouped under Austrian and Ordoliberal Economics.