The "Chicago School" refers to a group of economists and sociologists based at the University of Chicago in the early to mid-20th century. This school of thought is known for its emphasis on empirical research and the application of scientific methods to social sciences, particularly in the fields of economics and sociology. In economics, the Chicago School is famous for advocating free-market principles and minimal government intervention. Key figures include Milton Friedman and George Stigler, who contributed to theories on consumption, monetary policy, and the role of markets in promoting efficiency and innovation.