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| Price Theory | 
 enlarge | Author: Milton Friedman
Creator: Steven Medema
Publisher: Aldine Transaction
Category: Book
List Price: $34.95
Buy New: $27.34
You Save: $7.61 (22%)
New (25) Used (6) from $24.50
Avg. Customer Rating:  5 reviews
Media: Paperback
Number Of Items: 1
Pages: 357
Shipping Weight (lbs): 1.3
Dimensions (in): 8.9 x 6 x 1.1
ISBN: 020230969X
Dewey Decimal Number: 338.52
EAN: 9780202309699
Publication Date: March 31, 2007
Availability: Usually ships in 24 hours
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Product Description
Economics is sometimes divided into two parts: positive economics and normative economics. The former deals with how the economic problem is solved, while the latter deals with how the economic problem should be solved. The effects of price or rent control on the distribution of income are problems of positive economics. The desirability of these effects on income distribution is a problem of normative economics. Within economics, the major division is between monetary theory and price theory. Monetary theory deals with the level of prices in general, with cyclical and other fluctuations in total output, total employment, and the like. Price theory deals with the allocation of resources among different uses, the price of one item relative to another. Prices do three kinds of things. They transmit information, they provide an incentive to users of resources to be guided by this information, and they provide an incentive to owners of resources to follow this information. Milton Friedman's classic book provides the theoretical underpinning for and understanding of prices. Economics is not concerned solely with economic problems. It is a social science, and is therefore concerned primarily with those economic problems whose solutions involve the cooperation and interaction of different individuals. It is concerned with problems involving a single individual only insofar as the individual's behavior has implications for or effects upon other individuals. "Price Theory" is concerned not with economic problems in the abstract, but with how a particular society solves its economic problems.
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| Customer Reviews:
Unsurpassed May 30, 2008
1 out of 1 found this review helpful
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 September 4, 2006
8 out of 8 found this review helpful
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 July 17, 2002
33 out of 37 found this review helpful
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. November 6, 2000
18 out of 19 found this review helpful
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 March 26, 2000
3 out of 23 found this review helpful
Price Theory is important in economics. Friedman has treated the subject very well in this book.
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