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 | | Price Theory by Milton Friedman, Steven Medema (Introduction) ISBN-10: 9780202060743 ISBN-10: 0-202-06074-8 ISBN-13: 9780202060743 ISBN-13: 978-0-202-06074-3 Hardcover 1976-06-01 Aldine Transaction Find Lowest Price |
Editorials | ||
Book Description "I cannot pretend that the present version is the finished treatise that I had in mind (or in youthful dreams) in the earlier years of teaching the course. But it is a much expanded and, I hope, improved version. I have filled in four of the six gaps that I enumerated in the preface to the initial version. The two I have not filled in are industrial organization for reasons given at the end of chapter 6 and the theory of general equilibrium, because there are such good extant expositions of the classical Walrasian general equilibrium approach and I am not competent to present a succinct yet faithful exposition of the more recent general equilibrium developments, particularly in the field of growth models. In addition, I rather suspect that these developments are as yet in a preliminary and unsatisfactory state." - Milton Friedman, from the preface to the revised edition | ||
Reviews | ||
Unsurpassed This is one of the best texts on the core concepts of Economics that has ever seen the light of day. It is not easy going, so you should first master a more elementary text, like Paul Heyne's The Economic Way of Thinking Economic Way of Thinking, The (11th Edition), and maybe even an intermediate text, like the famous Exchange And Production Theory In Use by Alchian and Allen Exchange and Production Theory in Use, but whether you prepare only a little or prepare a lot, this is the frosting on the cake. It is truly unfortunate that Professor Friedman spent most of his professional life developing the macroeconomic and monetary literature, when he was so very lucid in the more important topics of price theory and political economy. But make use of the treats that he left us, even if they are far too few. | ||
A great intuitive approach When i studied microeconomics i paid too much attention on the "inner" sense of models (perfect and unperfect markets). But this way of studying keeps a student a little bit far from what really matters in any of them: its power to explain, its power to catch up essential features from social reality (in this case, essential features from flesh-and-bone markets). Well, this book helped me a lot to restore my sense of reality when i think of basic microeconomic concepts (demand and supply curves, marginal cost / productivity, etc.). Friedman has an intuitive approach to microeconomics. He shows that models are engines to think of economic reality, they are not by themselves the ultimate goals of economic science. Study models. Do it properly. If in the road you feel your mind lost, take back to this classic and make a review of your usual assumptions. Economics is mathematics, yes, but with economic sense what stands for good understanding of what it is being modelled. I strongly recommend to read this textbook in microeconomics before starting others, with a more mathematical approach. | ||
One of the Best Economics Books Ever Written I was lucky enough to take Dr. Friedman's two-quarter graduate sequence in price theory (called "microeconomics" elsewhere) in the early 70s at the University of Chicago. This book was the textbook. I have never revised my original opinion that Friedman's 301 and 302 were simply outstanding, maybe the best courses I ever had in economics. You can put that in perspective when I tell you I spent ten years at Chicago, earning both my bachelor's and PhD -- by this I mean I took a lot of economics courses. If you know anything about the Chicago School of Economics you are aware that price theory occupies a special place in their scheme of things. The good Doctor retired from Chicago around 1973 or 1974, if I am not mistaken (he moved to the Hoover Institution. You can't take "Milton" on price theory today -- but you can read his book. And it what a fine book it is. I recommend reading George Stigler's "The Theory of Price" before attemption this book. Master them both and you will have a very solid foothold on price theory. | ||
This is the BEST book on price theory ever written. A serious book for serious students - no glossy pages, no color, and not a single wasted word. Friedman's book is the most authoritative and definitive textbook on Price Theory around. The material may be more difficult than some textbooks but this is, after all, economics Chicago style. Price Theory offers a rigorous and demanding treatment of the subject, exactly what a serious student should want. | ||
A Bible of Price Theory Price Theory is important in economics. Friedman has treated the subject very well in this book. | ||