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The Chicago School Virus, Spencer Weber Waller

Spencer Weber Waller

The Chicago School of Law and Economics is a leading example of a highly successful legal ideology. As one recent commentator has noted: "[T]he basic characteristic of the Chicago School is the belief that free markets and the price mechanism are the most effective and desirable ways for a society to organize production and economic life in general." The Chicago School of Law and Economics applies these insights to legal questions and views the creation and enforcement of legal rules primarily in terms of how legal rules and institutions promote allocative efficiency and wealth maximization.

While much ink has been …