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This paper has been written to report upon Free To Choose A Personal Statement a classic book on economics written by Milton and Rose Friedman The book accompanied a series of videos made for PBS in 1979 The writing encompasses their beliefs on how our freedom has been eroded and our prosperity undermined through the explosion of laws regulations agencies and spending in Washington and how good intentions often produce deplorable results when government is the middleman The authors include suggested remedies for these illnesses This paper will walk through Free to Choose in the order of its chapters The first chapter is entitled The Power of the Market This explains the basic logic behind the operation of a free market The first principle is voluntary exchange through cooperation which is described as necessary for a society to achieve a heightened level of prosperity People are most satisfied when they are doing what they want and believe they will personally receive some or all of the benefits of hard work If one party refuses the deal because he does not feel that he is receiving a good price then both sides can work harder to come to an acceptable arrangement This idea is the driver behind free markets The next principal of this chapter is the role of prices in a free market The authors state Most economic fallacies derive from the neglect of this simple insight from the tendency to assume that there is a fixed pie that one party can gain only at the expense of another Prices represent the implied value of capital invested in that item It allows the seller and the buyer both to come to a term they think is fairly representative of that value It weaves a mosaic of the millions of people who can be both directly or indirectly involved with even such a simple item as a pencil Prices are the balance between supply and
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