The Essence of Friedman (Hoover Institution Press Publication) [Hardcover]

Kurt R. Leube (Editor)

Book Description

Publication Date: August 1987 | Series: Hoover Institution Press Publication (Book 366)

This collection of essays presents a sampling of the significant contributions to twentieth-century economic thought and practice by Nobel Prize-winner Milton Friedman. Friedman is widely regarded as the leader of the Chicago school of economics, which stresses the importance of the quantity of money as an instrument of governmental policy and as a major determinant of business cycles and inflation. Making an early impact on the economics profession was his analysis of economics as an empirical science, and in particular, his conclusion that the only relevant test of the acceptability of economic hypotheses is the conformity of the predictions they generate with observation. His permanent income theory of consumption, his restatement of the quantity theory of money, and his hypothesis of natural rate of unemployment have by now become part of received economic doctrine. Outside the economic profession, Friedman is best known for his outspoken statements on public policy, particularly his consistent belief that a free-enterprise system with minimum governmental intervention in the economic process will best preserve and extend both human freedom and economic prosperity. A number of the essays reprinted here are eloquent expressions of his commitment to everyone's freedom to choose.

Product Details

• Hardcover: 600 pages
• Publisher: Hoover Inst Pr (August 1987)
• Language: English
• ISBN-10: 0817986618
• ISBN-13: 978-0817986612
• Product Dimensions: 9.5 x 6.5 x 1.5 inches
• Shipping Weight: 2.2 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #3,139,100 in Books (See Top 100 in Books)

More About the Author

Milton Friedman is a senior research fellow at the Hoover Institution, Stanford University, and the Paul Snowden Distinguished Service Professor Emeritus of Economics at the University of Chicago. In 1976 he was awarded the Nobel Prize in economics. He has written a number of books, including two with his wife, Rose D. Friedman---the bestselling Free to Choose and Two Lucky People: Memoirs, the latter published by the University of Chicago Press.

Customer Reviews

Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

5.0 out of 5 stars Terrific collection, especially the academic papers, December 22, 2004

By 

Jerry H. Tempelman "[e-mail]" (New York, NY) - See all my reviews
(REAL NAME)   

This review is from: The Essence of Friedman (Hoover Institution Press Publication) (Hardcover)

This book is one in a series of compilations of works by eminent scholars published and still for sale by the Hoover Institution (others in the series include Friedrich A. von Hayek, George J. Stigler, and Gary S. Becker). The book is a great overview of both Friedman's political publications and his economic ones. The selections range from Friedman's academic literature to his Newsweek columns to his magazine articles. As a sample of Friedman's academic papers, many of which are now classics in the economic literature, this volume is an absolute treasure. The quality of the chapter summaries in Anna J. Schwartz' introduction is first-rate as well.

If you are interested in reading Friedman's political writings, Free to Choose and Capitalism and Freedom provide more comprehensively structured expositions of Friedman's philosophy. The articles and columns in Essence, while certainly top-notch (then again, what by Friedman isn't?), are a looser collection in both topic and format.

Part of Friedman's brilliance is his ability to explain advanced economic concepts to general readers without "dumbing down" the substance. If you don't shy away from reading advanced academic papers, you'll enjoy this volume. Otherwise, the compilations of Friedman's Newsweek columns (There's No Such Thing as a Free Lunch and Bright Promises, Dismal Performance) may be more suitable.