Chapter 1 of "Free to Choose" by Milton Friedman, titled "The Power of the Market," presents an argument in favor of the free market system as the most efficient and effective way to allocate resources and promote individual freedom.

Friedman begins by discussing the power of markets, which he defines as "the voluntary exchange of goods and services." He argues that markets allow individuals to pursue their own self-interest in a competitive environment, leading to desirable outcomes for society as a whole. According to Friedman, competition ensures that resources are allocated efficiently, and that individuals are incentivized to provide goods and services that people want and are willing to pay for.

Friedman also emphasizes the role of prices in the market system, noting that they serve as signals that convey information about scarcity and demand. He explains that prices help to coordinate the actions of millions of individuals in a way that central planning could never achieve. For example, if the price of a certain product increases, consumers will likely buy less of it, while producers will likely produce more, leading to a more efficient allocation of resources.

Friedman argues that government intervention in the market, such as price controls or subsidies, can distort the natural workings of the market and lead to unintended consequences. For example, if the government sets a price ceiling below the market equilibrium price, there will be a shortage of the product, as demand exceeds supply. Similarly, if the government provides subsidies for a particular industry, it can lead to overproduction and waste of resources.

Throughout the chapter, Friedman uses several examples to illustrate his points, including the collapse of the Soviet Union's centrally planned economy, the success of Hong Kong's free market system, and the negative effects of rent control in New York City.

Overall, Friedman presents a compelling argument for the free market system as the most efficient and effective way to promote economic efficiency and individual freedom. He suggests that government intervention in the market should be limited and only used when necessary to correct market failures, such as externalities or monopolies.