The Chicago School of Economics is a prominent school of thought in economic theory that emerged in the mid-20th century at the University of Chicago. It is known for its strong emphasis on free markets, minimal government intervention, and the belief that individuals act rationally to maximize their utility. Key figures associated with the Chicago School include economists like Milton Friedman and George Stigler. Their work has significantly influenced public policy and economic research, advocating for ideas such as monetarism and the importance of market efficiency in resource allocation.