The Essence of Friedman

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