SN51 Chapter 7: Emerging Evidence of Social Norms in Archival Research The theory of the firm that emanated from the Chicago school in the 1960s was built upon the foundation of an emboldened neoclassical economic theory, which included an increasingly narrow view of homo economicus and a bold new confidence in capital market efficiency. When combined with new market data and sophisticated analysis methods, these strong assumptions gave birth to a rich new research paradigm. Emerging evidence from recent archival research, however, has brought these assumptions into question and opened the door to norm-based behavior. DISCUSSION QUESTIONS What were the strong assumptions of the new theory of the firm out of the Chicago school? What kind of research was discouraged as a result of these assumptions? What does this imply about Friedman's (1953) essay