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The Essential MILTON The Essential MILTON FRIEDMAN FRIEDMAN Milton Friedman was one of the most influential economists The Es of all time. He revolutionized the way economists think about consumption, about money, about stabilization policy, and about unemployment. He demonstrated the power of committing oneself sential to a few simple assumptions about human behaviour and then relentlessly pursuing their logical implications. He developed and taught new ways of interpreting data, testing his theories by their ability to explain multiple disparate phenomena. His successes were MIL spectacular and his techniques were widely emulated. T But Friedman’s influence extended beyond economists. To the public ON at large, he was the world’s foremost advocate for economic and FRIEDMAN personal freedom. In the United States, he helped to end the military draft, to broaden educational choice, and to change the regulatory climate. Worldwide, almost all central banks now follow policies that are grounded in Friedman’s insights and recommendations. This book briefly summarizes Friedman’s extraordinary contributions to economic theory, Ste economic practice, economic policy, and v economic literacy. en Landsburg 978-0-88975-542-0 by Steven Landsburg The Essential Milton Friedman by Steven E. Landsburg Fraser Institute www.fraserinstitute.org Copyright © by the Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. Th e author of this publication has worked independently and opinions expressed by him are, therefore, his own, and do not necessarily refl ect the opinions of the Fraser Institute or its supporters, directors, or staff . Th is publication in no way implies that the Fraser Institute, its directors, or staff are in favour of, or oppose the passage of, any bill; or that they support or oppose any particular political party or candidate. Printed and bound in Canada Cover design and artwork Bill C. Ray ISBN ---- Contents Introduction / 1 1. The Permanent Income Hypothesis / 3 2. Money, Prices, and Infl ation / 9 3. Monetary Policy / 13 4. Monetary History / 17 5. Unemployment / 23 6. Chicago Price Theory / 29 7. Capitalism and Freedom / 36 8. Policy Analysis / 41 9. Activism / 45 10. Civil Discourse / 53 Notes on the chapters including further readings / 59 Publishing information / 65 About the author / 66 Publishers acknowledgments / 66 Supporting the Fraser Institute / 67 Purpose, funding, and independence / 67 About the Fraser Institute / 68 Editorial Advisory Board / 69
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