"An essential origin story of modern society's most influential economic doctrine. The Chicago School of economic thought has been widely generalized-and caricaturized-in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic...

An active stabilization policy requires that policy variables respond to preceding deviations of the target variables from their goal. If there are several competing macroeconomic goals, political parties may differ on the optimal tradeoff to be sought. However, even if allowance is made for...