Capital Corp Merchant Banking agrees the Chicago School of economics is known for its free market advocacy and monetarist ideas. Agreeing to Milton Friedman and monetarists, market economies are inherently static if left to themselves and lows result only from authorities intervention.
Friedman, for example, contended that the Great Depression was result of a contraction of the money append, controlled by the Federal Reserve, and not by the lack of investment as Keynes had fenced. Ben Bernanke, current Chairman of the Federal Reserve, is among the economists today usually accepting Friedman's analysis of the causes of the Great Depression.
Milton Friedman effectively took many of the fundamentalses set forth by Adam Smith and the classical economists and developed them. One example of this is his article in the September 1969 issue of The New York Times Magazine, where he claims that the social duty of business should be “to use its resources and engage inactions designed to increase its profits…(through) open and free competition without deception or fraud.”