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The Chicago School of Economics and Money
The Chicago School of Economics and Money
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
The Chicago School of Economics and Money
The Chicago School of Economics is a school of economic thought that originated at the University of Chicago in the early 20th century. It is known for its free-market ideology, emphasis on economic efficiency, and skepticism towards government intervention in the economy. One area in which the Chicago School has had a significant impact is the study of money and monetary policy.
At the heart of the Chicago School’s approach to money is the idea that money is a commodity like any other. This means that, like other goods and services, the supply and demand for money determine its value. According to the Chicago School, the value of money is best determined by market forces rather than by government intervention.
One of the most prominent figures associated with the Chicago School’s approach to money is Milton Friedman. In his book “A Monetary History of the United States,” co-authored with Anna Schwartz, Friedman argued that the Great Depression was largely the result of a contraction in the money supply by the Federal Reserve. He also argued that inflation is always and everywhere a monetary phenomenon, caused by an excessive increase in the money supply.
Friedman’s views on the role of government in monetary policy were controversial. He believed that the government should not try to fine-tune the economy through monetary policy, but rather should simply aim to keep the money supply growing at a steady rate. This approach, known as monetarism, became one of the key tenets of the Chicago School’s approach to money and monetary policy.
Another important figure associated with the Chicago School’s approach to money is Eugene Fama. Fama is best known for his work on efficient markets, which argues that financial markets are efficient in processing all available information and that prices always reflect that information. According to Fama, this means that it is impossible to consistently beat the market by picking individual stocks or timing the market.
Fama’s work on efficient markets has implications for the study of money as well. If financial markets are truly efficient, then any attempt by the government to manipulate the money supply or interest rates will simply be reflected in asset prices. This means that attempts to use monetary policy to fine-tune the economy are likely to be futile.
Despite the Chicago School’s skepticism towards government intervention in the economy, there are some areas in which the school has advocated for government involvement in monetary policy. One such area is the prevention of bank runs. According to the Chicago School, bank runs are caused by a lack of confidence in the banking system. This lack of confidence can be exacerbated by the fact that banks hold only a fraction of their deposits in reserve. In order to prevent bank runs, the Chicago School has advocated for government insurance of bank deposits.
In summary, the Chicago School of Economics has had a significant impact on the study of money and monetary policy. The school’s emphasis on market forces, efficiency, and skepticism towards government intervention has led to the development of the monetarist approach to monetary policy and the efficient markets hypothesis. While the school has advocated for government involvement in preventing bank runs, its overall approach to monetary policy is one of limited government intervention.
The Chicago School of Economics and Money
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QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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