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Essential Reading, But Shop Carefully!
on January 6, 2010
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.