Price Theory

Overview

2010 Reprint of 1962 edition. Price Theory comprises the full text of Friedman's legendary course on price theory taught at the University of Chicago. Friedman was originally a Keynesian supporter of the New Deal and advocate of government intervention in the economy. However, his 1950s reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. At the University of Chicago, Friedman became the main advocate for opposing Keynesianism. During the 1960s he promoted an alternative ...
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Overview

2010 Reprint of 1962 edition. Price Theory comprises the full text of Friedman's legendary course on price theory taught at the University of Chicago. Friedman was originally a Keynesian supporter of the New Deal and advocate of government intervention in the economy. However, his 1950s reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. At the University of Chicago, Friedman became the main advocate for opposing Keynesianism. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural rate of unemployment" and he argued the central government could not micromanage the economy because people would realize what the government was doing and change their behavior to neutralize such policies. Price Theory is the transcript of Friedman's legendary course on price theory taught at the University of Chicago.
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Editorial Reviews

From the Publisher

“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

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Product Details

  • ISBN-13: 9780202309699
  • Publisher: Transaction Publishers
  • Publication date: 4/7/2008
  • Pages: 376
  • Sales rank: 1,466,276
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.84 (d)

Meet 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.

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