Rose D. Friedman

Milton Friedman

In the process, he outlines the role that government should play in a society dedicated to freedom and relying primarily on the market to organize economic activity.".

Fortieth Anniversary Edition

Capitalism and Freedom

Argues that free-market forces work better than government controls for achieving real equality and security, protecting consumers and workers, providing education, and avoiding inflation and unemployment

A Personal Statement

Free to Choose

Anna Jacobson Schwartz

Monetary History of the United States, 1867-1960

Read

Lawrence W. Reed

Leonard Edward Read

I, Pencil

There's No Such Thing as a Free Lunch

Kapitalizm ve Özgürlük

The Nobel Prize–winning economist explains how value is created, and how that affects everything from your paycheck to global markets. In this “lively, enlightening introduction to monetary history” (Kirkus Reviews), one of the leading figures of the Chicago school of economics that rejected the theories of John Maynard Keynes offers a journey through history to illustrate the importance of understanding monetary economics, and how monetary theory can ignite or deepen inflation. With anecdotes revealing the far-reaching consequences of seemingly minor events—for example, how two obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, and how FDR’s domestic politics helped communism triumph in China—as well as plain-English explanations of what the monetary system in the United States means for your personal finances and for everyone from the small business owner on Main Street to the banker on Wall Street, Money Mischief is an enlightening read from the author of Capitalism and Freedom and Free to Choose, who was called “the most influential economist of the second half of the twentieth century” by the Economist.

Episodes in Monetary History

Money Mischief

Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics. Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another. Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices. Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. Price Theory is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.

Price Theory

"The major social problems of the United States—deteriorating education, lawlessness and crime, homelessness, the collapse of family values, the crisis in medical care—have been produced by well-intended actions of government. That is easy to document. The difficult task is understanding why government is the problem. The power of special interests arising from the concentrated benefits of most government actions and their dispersed costs is only part of the answer. A more fundamental part is the difference between the self-interest of individuals when they are engaged in the private sector and the self-interest of the same individuals when they are engaged in the government sector. The result is a government system that is no longer controlled by "we, the people." Instead of Lincoln's government "of the people, by the people, and for the people," we now have a government "of the people, by the bureaucrats, for the bureaucrats," including the elected representatives who have become bureaucrats. At the moment, term limits appear to be the reform that promises to be most effective in curbing Leviathan."

Why Government Is the Problem

Historical developments of the last century are explained in terms of monetary theory

A Monetary History of the United States, 1867-1960

This paper is concerned primarily with certain methodological problems that arise in constructing the "distinct positive science" that John Neville Keynes called for, in particular, the problem how to decide whether a suggested hypothesis or theory should be tentatively accepted as part of the "body of systematized knowledge concerning what is."

Essays in Positive Economics

Examines the nature of the relationship which exists between a society based on competitive capitalism and the political and economic freedoms of its citizens

1867-1960 ; a Study by the National Bureau of Economic Research, New York

A Monetary History of the United States

O tratado definitivo do pensamento econômico que ainda hojeinfluencia políticas no mundo todo Como podemos nos beneficiar das promessas do governo e ao mesmo tempo evitar a ameaça que um Estado forte representa para as liberdades individuais? E qual é o papel do governo em uma sociedade livre, que depende principalmente do mercado para organizar a atividade econômica? Nesta obra clássica, Milton Friedman apresenta o tratado definitivo de sua influente filosofia econômica. Seu principal objetivo é analisar o papel do capitalismo competitivo, que, segundo ele, é condição necessária para a liberdade política. Por isso, Friedman investigou extensivamente os padrões de consumo, a história e a teoria monetária, bem como a complexidade das políticas de estabilização. Publicado pela primeira vez em 1962, Capitalismo e liberdade se tornou uma referência: a edição original vendeu quase um milhão de cópias, foi traduzida em dezenove idiomas e continua sendo um modelo fundamental para o liberalismo e para aqueles que veem a liberdade econômica como condição essencial para a liberdade política. A nova edição da Intrínseca inclui os prefácios escritos pelo autor para as reedições de 1982 e 2002, assim como apresentação de Binyamin Appelbaum, principal redator de economia do conselho editorial do The New York Times.

Capitalismo e Liberdade

Inflation

Anna J. Schwatrz

Chapter Seven of Monetary History of the United States, 1867-1960

Great Contraction, 1929-1933

Walter W. Heller

Monetary Vs. Fiscal Policy

The Optimum Quantity of Money

Discusses political economy, political freedom, governmental regulations, monetary policy, taxation, and international economics.

Milton Friedman

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