The late Milton Friedman, who shaped the University of Chicago's economics approach during his 30 years there. AP/Wide World photo

Inside academia for the past 25 years, Ronald Reagan’s Washington, and even Margaret Thatcher’s government, the Univ. of Chicago’s Dept. of Economics enjoyed rock star status, racking up Nobel Prizes like records gone platinum and producing a superstar, the one and only Milton Friedman, whose influence on economic policy has been unparalleled. With its free-market philosophy, the “Chicago School”  has maintained its dominant image as a libertarian stronghold, providing the rationale for a very small governmental role in the economy.

Now, after the collapse of lightly regulated financial institutions and the most extensive government intervention in the economy since the New Deal, the School’s brand in academic circles and in Washington is tarnished because many blame the institution’s free-market theories for the collapse.

The Chicago School denies their libertarian image, describing it as a caricature that ignores the School’s diverse interests and commitment to data-driven conclusions. They hotly contest the idea that their influence is on the outs, saying it’s not their theory that failed, but the regulators’.

Perhaps this will straighten itself out, however, with the new administration. President-elect Obama has been advised by a U of C economist who is not from the economics dept., but from the business school, which means the University of Chicago brand could be recast away from its image as a bastion of the free market.

As with so many re-branding issues, this one may be generated by a shift in perception that is not driven by the School itself.

Source: Crain’s ChicagoBusiness

Christine Babick is a blogger at beneaththebrand.com. A marketing strategist and linguist, she specializes in marketing language, website text, “emo copy,” and cause and relationship marketing.

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