Do you know what separates the Austrian School of economics from the Chicago School? Well, that's a tough one. These two influential schools of thought, born in different times and places, have shaped our understanding of economic theory in profound ways.

The Austrian School, hailing from late nineteenth-century Vienna, places a great emphasis on methodological issues, asserting that economic theory is an a priori discipline.

On the other hand, the Chicago School, blossoming in the mid-twentieth-century United States, is known for its vigorous defense of free-market principles and its development of models, even with false assumptions, to interpret economic phenomena.

OUTLINE:
00:00:12 Introduction and Engaging Question
00:01:07 The Austrian School of Economics
00:02:40 The Chicago School of Economics
00:04:01 Differences Between the Austrian and Chicago Schools
00:06:27 Conclusion

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