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week 6 video guide - What was the Chicago School known for...

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What was the “Chicago School” known for? How did its influence change over time? The Chicago School was known for their intensity of intellectual discussion at lunch and the intellectually charged environment. 8 professors and 11 economics won Nobel prizes. What was stagflation? What was President Richard Nixon’s policy response to stagflation? What were the political effects of this policy response? The economic effects? 1) Stagflation a) Rising inflation and unemployment 2) Richard Nixon’s policy response to stagflation a) Wage and food price control i) Nixon was re-elected in a landslide ii) Economy went out of whack (1) People couldn’t cover their cost (2) Shortages and price kept rising How and why did the move toward deregulation take place in the United States and Great Britain? Who were the key individuals in pushing the agenda? Where did deregulation in the United States begin? In the U.S. industry slowed and unemployment grows. The price of everything kept rising. Chicago schooled economists argued rigid government regulations were keeping
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