The Gary Becker Milton Friedman Institute for Research in Economics is a collaborative, cross-disciplinary center for research in economics. The institute was established at the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...

in June 2011. It brought together the activities of two formerly independent economic research centers at the university: the Milton Friedman Institute for Research in Economics and the Becker Center on Chicago Price Theory, founded by Richard O. Ryan. The institute is named for two globally influential economists:

Gary S. Becker Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of ...

(1930–2014) and his mentor,

Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...

(1912-2006), both winners of the

Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...

. While they pursued different scholarly paths, Becker and Friedman shared a fundamental belief that economics, grounded in

empirical research Empirical research is research using empirical evidence. It is also a way of gaining knowledge by means of direct and indirect observation or experience. Empiricism values some research more than other kinds. Empirical evidence (the record of ...

, is a powerful tool to understand human behavior. While Friedman is known for his lasting contributions to

macroeconomics Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

and

monetary economics Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and ...

, Becker is recognized for extending microeconomic analysis to a wide range of fields and topics such as marriage, the family, criminal behavior, and racial discrimination. A collaboration of the University of Chicago

Booth School of Business The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 N ...

Law School A law school (also known as a law centre or college of law) is an institution specializing in legal education, usually involved as part of a process for becoming a lawyer within a given jurisdiction. Law degrees Argentina In Argentina, ...

Department of Economics
and the

Harris School of Public Policy The University of Chicago Harris School of Public Policy, also referred to as "Harris Public Policy," is the public policy school of the University of Chicago in Chicago, Illinois, United States. It is located on the University's main campus in ...

, the institute builds bridges across disciplines and subfields of economics. Its research conferences, workshops, and initiatives bring economists and scholars from related fields together to share perspectives and refine ideas. The institute also sponsors an active visiting scholars program and offers programs and support for students and promising young researchers. The institute supports research initiatives in traditional Chicago strengths such as price theory,

law and economics Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of law ...

, and

human capital Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial ...

, as well as topical inquiries into important policy issues such as

fiscal imbalance Fiscal imbalance is a mismatch in the revenue powers and expenditure responsibilities of a government. In the literature on fiscal federalism, two types of fiscal imbalances are measured: Vertical Fiscal Imbalance and Horizontal Fiscal Imbalance. W ...

systemic risk In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the ...

, policy uncertainty, and economics of the family, and newer areas like field experiments in economics. The institute is directed by Michael Greenstone. A
Institute Research Council
of distinguished faculty from collaborating university units advises the institute.

References

External links

* {{Coord, 41.789936, -87.597687, format=dms, display=title, type:edu_region:US-IL Research institutes of the University of Chicago Economic research institutes