This Chicago-style approach, sometimes known as ‘Price Theory’ because of the fundamental role that prices often play, is exemplified in the path-breaking work of Gary Becker, Ronald Coase, Milton Friedman, Sherwin Rosen, George Stigler, and many others. Price theory has shed light not only on the most fundamental topics of traditional economics (e.g. consumption, saving, taxation, regulation), but also pioneered the use of economic tools in studying a wide range of other human behavior (e.g. crime and corruption, discrimination, marriage).

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This is a placeholder explanation generated by the low-overhead model. It interprets "This Chicago-style approach, sometimes known as ‘Price Theory’ because of the fundamental role that prices often play, is exemplified in the path-breaking work of Gary Becker, Ronald Coase, Milton Friedman, Sherwin Rosen, George Stigler, and many others. Price theory has shed light not only on the most fundamental topics of traditional economics (e.g. consumption, saving, taxation, regulation), but also pioneered the use of economic tools in studying a wide range of other human behavior (e.g. crime and corruption, discrimination, marriage)." in the context of "Becker Center on Chicago Price Theory, "Mission statement prior to the inaugural conference, April 2006," as cited in: Shoshana Grossbard, "How “Chicagoan” are Gary Becker’s Economic Models of Marriage?." Journal of the History of Economic Thought 32.3 (2010): 377." to mean that wisdom is timeless.