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
                                                       Publishers acknowledgments    /  66
                                                      Supporting the Fraser Institute   /  67
                                                      Purpose, funding, and independence   /  67
                                                     About the Fraser Institute   /  68
                                                      Editorial Advisory Board   /  69