The Elgar Companion to the Chicago School of Economics
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The Elgar Companion to the Chicago School of Economics

Edited by Ross B. Emmett

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.
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Chapter 13: Margaret Gilpen Reid

Evelyn Forget


28 Margaret Gilpin Reid Evelyn Forget Margaret Reid (1896–1991) was born on a farm near Carberry, Manitoba in 1896. After finishing high school, she supported herself by teaching in rural schools until 1916, when she took the opportunity offered by a new degree program in home economics offered by the Manitoba Agricultural College. After graduating in 1921, Reid went to the University of Chicago to work with Hazel Kyrk. Reid earned a PhD in economics from the University of Chicago in 1931, submitting a dissertation entitled ‘The economics of the household’. After expansion and revision, this was published as The Economics of Household Production (1934). She lectured in home economics at Connecticut College during the 1929–30 academic year, then took up a position in the departments of Economics and Home Economics at Iowa State College where she lectured on consumption economics. At Iowa State, Reid met and began to work with Elizabeth Hoyt who, along with Hazel Kyrk, would become her lifelong colleague and friend. Reid was promoted to full professor in 1940. In 1943–44, she joined the Executive Office of the President, where she worked as an economist in the Division of Statistical Standards. From 1945 to 1948 she was Head of the Family Economics Division of the Department of Agriculture. In 1948, Reid was appointed Professor of Economics at the University of Illinois at Urbana-Champaign. In 1951, she returned to the University of Chicago as full professor of economics, a post she held until her...

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