The Essence of Friedman

accepted action adjustment alternative analysis assumptions average behavior capital central bank changes Chicago clearly consumption contracts cost countries course currency decline demand curve desirable distribution dollar dwelling units economic effect enterprises equilibrium evidence example expected experience Federal Reserve System fiduciary currency Figure finance flexible exchange rates foreign freedom function gold standard higher education hyperinflation important incentive increase independent individual inflation inside money institutions interest rates Jews less major means measure ment Milton Friedman monetary authorities monetary growth monetary policy negative income tax nominal output particular payments percent period permanent income hypothesis permanent income streams Phillips curve political positive predictions price level problem produce programs quantity of money rate of interest ratio regarded relation relative result rise role social society stable sterling area stock of money supply curve tion trade unemployment utility variables W₁ wages wealth