Schools of Thought in Classical Liberalism, Part 2: Milton Friedman and the Chicago School

Nigel Ashford

Dr. Nigel Ashford is senior program officer at the Institute for Humane Studies. He joined IHS from the United Kingdom where he was a professor of politics at Staffordshire University.

How should we assess the merits of a law or government program? According to Milton Friedman and the members of the “Chicago School,” we need to look at empirical evidence and see the consequences of laws. Many laws are well-​intended, but do they actually have good outcomes? The Chicago School admits that markets do fail sometimes fails. But, they contend that government also fails, and that usually government failure is far greater than market failure. Dr. Ashford takes a close look at the Chicago school.

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