University of Chicago Reputation?

Question

Hi everyone,

I have a concern you guys might be able to dispel. I was recently admitted to Booth but after mentioning it to a couple people I got strange reactions. Two well-educated and accomplished people I know strongly recommended i don't go to the university of Chicago because of its "controversial reputation in indoctrinating extreme orthodox liberal economists".

I don't live in the US and it is difficult to know to what extent this image is widespread and to what extent it represents reality.

I am almost certain I will be attending Booth, but am curious to know what you guys think of this.....

Thanks!!

nikhilfotedar · Answer

It is known for liberal economics yes. But which industry do you want to work in? If you are planning on being an economics professor in a university the supports keynesian theories, then I don't know

Other than that , I don't think any 'bias' that the professors may have has ever come in the way of the students landing the career opportunities that they want. And btw I don't think anyone will stop you from forming your own opinions on economic policies.

chambax · Answer

thanks for that nikhilfotedar - very reassuring.

I'm sure it doesn't affect career opportunities etc ...

It just seemed like the people I spoke with made it out to be more than a mere bias, but a major liability perceived by economists and financiers on a broad scale...

If anyone else has any thoughts I would be very grateful!

Thanks!

dalillama · Answer

First, you have to distinguish between the Universtity of Chicago economics department and the Booth school of business. Many professors have joint appointments to both, but most do not.

The one thing I really like about Booth is that while they're known for liberal economics, they're very much diverse. You get Gene Fama at one end of the hall talking about how markets are ultra-rational, and at the other you get Richard Thaler, probably the most important behavioral economist alive today, talking about how irrational people make the markets by extension irrational. And I don't know what liability you could be talking about. Chicago has its shares of Keynesians as well--it's not Princeton, but you definitely won't be indoctrinated. But then again I bring up my original point: you're talking about Booth, not the economics department.

If you really want to know more about this, watch  this documentary  online on behavioral econ. Notice how both sides of the leading arguments are represented at Chicago.

neildiamond · Answer

Obviously you gotta go with where you are most comfortable with, and a few peoples' opinions really shouldn't matter. That said, I know that Chicago's reputation in economics breach further than its school of economics. According to my limited pool of law school friends, even its law program (which is highly ranked too) is known to have this bent in this type of "economic thought" academics when people apply. Booth's program is very well regarded in finance, so you shouldn't have a problem if you want to go into investment banking and other roles.

3underscore · Answer

I would agree with the point about their economics. Their Finance beliefs are pretty set in stone as well. Don't go mentioning alpha. You will get stared at and suddenly found yourself getting woken in the night by an angry mob with torches.

MonaS · Answer

Congratulations on getting into Booth. Booth is known for its 'free-market' and 'markets are efficient' theories but it does not limit you from your own opinions.My husband graduated from Booth few years back and absolutely loved the experience.He did join Investment Banking at Lehman ( :cry:

) and highly recommends Booth school for Finance.But I have to say that the name recognition of Harvard, Stanford, outside US, surpasses that of Booth school....atleast thats what we felt back home in India.

StacyBlackman · Answer

Hi chambax,

I would not be concerned about the two comments you heard. Chicago Booth is an excellent business school.

We actually discussed some great reasons to attend Booth on Quora here:

https://www.quora.com/What-are-the-top-r ... of-Chicago

Cheers,

Conrad and the Stacy Blackman Team

University of Chicago Reputation?

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