<P> In the 1960s Gary Becker (1930--2014) and Jacob Mincer (1922--2006) of the Chicago School of Economics founded New Home Economics, which spawned Family Economics . </P> <P> In 1973 Coase disciple Richard Posner (1939--) published Economic Analysis of Law, which became a standard textbook, causing him to become the most cited legal scholar of the 20th century . In 1981 he published The Economics of Justice, which claimed that judges have been interpreting common law as it they were trying to maximize economic welfare . </P> <P> Milton Friedman (1912--2006) of the Chicago School of Economics is one of the most influential economists of the late 20th, century, receiving the Nobel Prize in Economics in 1976 . He is known for A Monetary History of the United States (1963), in which he argued that the Great Depression was caused by the policies of the Federal Reserve . Friedman argues that laissez - faire government policy is more desirable than government intervention in the economy . Governments should aim for a neutral monetary policy oriented toward long - run economic growth, by gradual expansion of the money supply . He advocates the quantity theory of money, that general prices are determined by money . Therefore, active monetary (e.g. easy credit) or fiscal (e.g. tax and spend) policy can have unintended negative effects . In Capitalism and Freedom (1962), Friedman wrote: </P> <P> "There is likely to be a lag between the need for action and government recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects ." </P>

Who is best known for his advocacy of laissez-faire as the guiding principle for economic policy