George Stigler was associated with which economic philosophy?
Marxism
Austrian School
Neoclassical economics
Behavioral economics
Answer
**Neoclassical economics**, the philosophical outlook that Stigler championed, views markets as self-regulating mechanisms driven by rational individual choice. It emphasizes maximizing returns to achieve an optimal allocation of resources. This philosophy underlies microeconomics and shapes contemporary economic thought, influencing government policies and analyses of economic behavior.
Mastering the Market: The George Stigler Challenge
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