Summary of Milton Friedman and Rose Friedman's Free to Choose

By IRB Media

Get the Summary of Milton Friedman and Rose Friedman's Free to Choose in 20 minutes. Please note: This is a summary & not the original book. Original book introduction:In this classic discussion, Milton and Rose Friedman explain how our freedom has been eroded and our affluence undermined through the explosion of laws, regulations, agencies, and spending in Washington. This important analysis reveals what has gone wrong in America in the past and what is necessary for our economic health to flourish.

• Language: English
• Publisher: IRB Media
• Release date: Nov 27, 2021
• ISBN: 9781638158981

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Milton Friedman and Rose Friedman's Free to Choose

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 1

#1

In a command economy, where the government dictates to the people what they should and should not do, people are still left to their own devices to work out how to coordinate their activities with one another. In a free market economy, where people are left to make their own decisions regarding work and business, people are able to voluntarily cooperate with one another.

#2

In every society, there are elements of cooperation that are enforced through force. These are called command elements. Command elements enforce cooperation through the use of force.

#3

A delightful story called I, Pencil: My Family Tree as Told to Leonard E. Read demonstrates how millions of people are able to cooperate with one another without the need of a government. People are able to cooperate with each other without the need of a government because they are exchanging goods and services with each other.

#4

Prices transmit information to buyers and sellers about the relative values of the goods and services being exchanged. If prices are set by the market, it is because consumers and producers agree that the market is the most efficient mechanism for allocating scarce resources.

#5

The price system transmits only the important information and to the people who need to know. People who can use the information have an incentive to get it and those who can't ignore it.

#6

The price system is meant to transmit accurate information to everyone involved. Anything that hinders this process distorts the information transmitted, and thus affects the economy negatively.

#7

Inflation erodes the value of money. It makes it nearly impossible to know what prices should be without constantly checking prices.

#8

Prices transmit information as well as motivate actions based on that information. They are a crucial part of the market system, functioning to signal to producers what consumers want and to motivate producers to provide it.

#9

When the demand for a certain good or service increases, the suppliers of that good or service will raise