Price Theory

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Friedman's influential course on price theory at the University of Chicago forms the core of this text, showcasing his evolution from a Keynesian supporter to a leading critic. He challenged established economic models through his reinterpretation of the consumption function and introduced monetarism as an alternative macroeconomic policy in the 1960s. Central to his argument is the concept of a "natural rate of unemployment" and the belief that government intervention often fails due to public awareness and behavioral adjustments.