This thinker used the example of cigarette firms' response to price controls in World War Two as a rare example of imperfect competition in his work "The Methodology of Positive Economics."
This thinker used the example of cigarette firms' response to price controls in World War Two as a rare example of imperfect competition in his work "The Methodology of Positive Economics." Along with Savage, he names a utility function whose curvature changes depending on agents' incomes, and he also names a "k-percent rule" to describe an increase in the monetary supply. He helped develop the permanent (*) income hypothesis in his book A Theory of the Consumption Function. In his best known work, he advocated a flat tax and proposed school vouchers. He worked on a television series named Free to Choose, and, with Anna Schwartz, he criticized the Federal Reserve's actions during the Great Depression in A Monetary History of the United States. For 10 points, name this Chicago school economist, an advisor to Reagan who wrote Capitalism and Freedom.
This thinker used the example of cigarette firms' response to price controls in World War Two as a rare example of imperfect competition in his work "The Methodology of Positive Economics."
Milton Friedman