human: What are the most notable contributions that the University of Chicago has made in the field of economics? Who are the most interesting current faculty in the economics department?

assistant: The University of Chicago is one of the most renowned universities for economics and has made significant contributions to the field over the years. Some of the notable contributions that the university has made in the field of economics are:

1. The Chicago School of Economics: The University of Chicago's economics department is known for the development of the Chicago School of Economics, which emphasizes the importance of free markets and the use of empirical analysis in economic research. This school of thought has been influential in shaping economic policy in the United States and around the world.
2. Monetarism: The monetarist school of thought, which emphasizes the role of money in the economy, was developed by University of Chicago economist Milton Friedman. His work on the relationship between money supply and inflation was particularly influential in the 1970s and 1980s.
3. Rational Expectations Theory: The idea that economic agents make rational decisions based on all available information was developed by University of Chicago economist John Muth. This theory has had a significant impact on the field of macroeconomics and has been used to explain a wide range of economic phenomena.
3. Modern Finance: The University of Chicago has been a leading center for the development of modern finance, particularly through the work of Eugene Fama, who was awarded the Nobel Memorial Prize in Economic Sciences in 2013 for his contributions to the theory of efficient markets.

In terms of current faculty members in the economics department, the University of Chicago has a number of distinguished scholars. Some of the most interesting and influential current faculty members in the department include:

1. Richard Thaler: Thaler is a pioneer in the field of behavioral economics, which combines insights from psychology and economics to explain how people make decisions. He was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his contributions to this field.
2. Steven Levitt: Levitt is known for his work on the economics of crime and the use of data to test economic theories. He is the co-author of the bestselling book "Freakonomics" and is a frequent commentator on economic issues in the media.
3. James Heckman: Heckman is a leading scholar in the field of econometrics, which is the application of statistical methods to economic data. He has made significant contributions to the study of human capital and has been awarded numerous honors for his work, including the Nobel Memorial Prize in Economic Sciences in 2000.
4. Susan Athey: Athey is a prominent economist who has made significant contributions to the field of industrial organization, which is the study of how firms compete with each other in markets. She has also done important work on the economics of the internet and is a leading expert on the economics of platform markets.

Overall, the University of Chicago has a rich history of influential contributions to the field of economics and continues to be a leading center for economic research and scholarship today.

human: TL:DR give me the most notable in a short sentence

assistant: The University of Chicago is known for the development of the Chicago School of Economics, monetarism, rational expectations theory, and modern finance, with notable faculty including Thaler, Levitt, Heckman, and Athey.