The Capitalism and Freedom in the Twenty-First Century Podcast
Applying Chicago Price Theory In Academia and Government
Jan 15, 2023
Casey Mulligan, Professor in Economics at the University of Chicago, discusses his journey into economics, the influence of Chicago Price Theory in academia and government, positive experiences in DC, declining drug prices, career advice for economists, and the relevance of past topics in economics and the legacy of capitalism and freedom in the 21st century.
32:06
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Quick takeaways
- Chicago Price Theory emphasizes understanding real-world questions and the implications of economic phenomena on markets.
- Economic principles can shape policy and have a significant impact, even if policies may change over time.
Deep dives
Chicago Price Theory and its Approach
Chicago Price Theory, which has been taught at the University of Chicago for over 100 years, emphasizes an applied and market-oriented approach to economics. Unlike traditional microeconomics, Chicago Price Theory focuses on understanding real-world questions and the implications of economic phenomena on markets. The emphasis is on markets, supply and demand, and the consequences of various economic policies. The theory also emphasizes competition and the importance of taste and technology in shaping economic outcomes. The Chicago Price Theory approach differs from standard graduate microeconomics by placing a greater emphasis on market dynamics rather than strategic interactions or small group behavior.
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