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Price Theory Paperback – June 22, 2009


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Product Details

  • Paperback: 288 pages
  • Publisher: The Richest Man in Babylon (June 22, 2009)
  • Language: English
  • ISBN-10: 1607961512
  • ISBN-13: 978-1607961512
  • Product Dimensions: 11 x 8.2 x 0.6 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #565,936 in Books (See Top 100 in Books)

Editorial Reviews

Review

“Friedman’s exposition is the best nonmathematical treatment I have seen… [T]his collection and elaboration of some of Friedman’s ideas is a very valuable supplement to standard graduate theory texts. I believe that the state of economic thought would be advanced by a wide reading of these notes.”

—Roger F. Miller, The American Economic Review

--This text refers to an alternate Paperback edition.

About the Author

Steven G. Medema is professor of economics at the University of Colorado, Denver. He is editor of Transaction’s Classics in Economics series.



Milton Friedman is a senior research fellow at the Hoover Institution of Stanford University. Before that, he was Paul Snowden Russell Distinguished Service Professor of Economics at the University of Chicago. He has also taught at Columbia University, the University of Wisconsin, the University of Minnesota, and Cambridge University. Among his many books are Essays in Positive Economics, A Program for Monetary Stability, Capitalism and Freedom, A Monetary History of the United States, and The Optimum Quantity of Money.

--This text refers to an alternate Paperback edition.

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

4.7 out of 5 stars
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See all 10 customer reviews
This book was the textbook.
David DeRosa
Economics is mathematics, yes, but with economic sense what stands for good understanding of what it is being modelled.
emanriqu
This is one of the best texts on the core concepts of Economics that has ever seen the light of day.
C. Bolton

Most Helpful Customer Reviews

57 of 63 people found the following review helpful By David DeRosa on July 17, 2002
Format: Hardcover
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.
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28 of 29 people found the following review helpful By Gary Parikh on November 5, 2000
Format: Hardcover
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.
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20 of 20 people found the following review helpful By Rob Szarka on January 6, 2010
Format: Paperback Verified Purchase
Milton Friedman's Price Theory is certainly required reading for all economists. Among economics texts of its era it is rivaled only by George Stigler's Theory of Price and Gary Becker's Economic Theory; and, like those books, it remains worth reading even though it has been (quite properly) supplanted by more up-to-date texts like Varian, Kreps, and Mas-Colell et al.

Having said that, be careful which version of this classic book you buy:

Price Theory is the first, 1962, version. It's now of historical interest only.

Price Theory reprints the 1976 revision originally published by Aldine (also available used on Amazon as Price Theory), with a short introduction by Steven Medema, in paperback. If you want a crisp, new paperback copy of this book, this is the one to buy.

Price Theory from the publisher called "The Richest Man in Babylon" is, quite simply, a ripoff! It appears to be a reprint of the first published version, or possibly an early samizdat version of Friedman's notes. There's no excuse for selling a version of this vintage without making clear that it does not include Friedman's later revisions. Don't waste your money.
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18 of 18 people found the following review helpful By emanriqu on September 3, 2006
Format: Hardcover
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.
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5 of 5 people found the following review helpful By C. Bolton on May 29, 2008
Format: Paperback
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.
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