Price Theory

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Friedman's course on price theory at the University of Chicago serves as a foundation for understanding his shift from Keynesianism to monetarism. He critiques the Keynesian model, particularly the consumption function, and introduces the concept of a "natural rate of unemployment." Emphasizing that government intervention often backfires, Friedman argues that individuals adjust their behavior in response to policy changes, rendering micromanagement ineffective. This work encapsulates his influential economic theories and challenges prevailing economic thought.