The Essence of Friedman

accepted action activity adjustment alternative amount analysis arrangements authorities bank capital central changes clearly consistent consumption contracts cost countries course currency curve decline demand desirable determined direct distribution economic effect enterprises equal evidence example exchange rates existing expected experience Federal Figure flexible forces foreign freedom Friedman function give given gold growth higher hypothesis important income increase independent individual inflation institutions interest internal involved issue kind less major means measure monetary monetary policy negative nominal noted objective particular percent period permanent political positive possible present problem produce quantity question reason regarded relation relative Reserve result rise role schools social society stable standard stock of money supply theory tion unemployment United University utility variables wages wealth wide