What do you think?
Rate this book
The Essential Milton Friedman
When economists are called “influential,� it usually means they’ve changed the way other economists think. By that standard, Milton Friedman was one of the most influential economists of all time. He revolutionized the way economists
think about consumption, about money, about stabilization policy, and about unemployment. He demonstrated the power of committing oneself to a few simple assumptions about human behaviour and then relentlessly pursuing their logical implications. He developed and taught new ways of interpreting data, testing his theories by their ability to explain multiple disparate phenomena. His successes were spectacular and his techniques were widely emulated.
It would take several large volumes to do justice to Friedman’s extraordinary contributions to economic theory, economic practice, economic policy, and economic literacy. Th e few brief chapters that follow will give an overview of what those volumes might contain.
think about consumption, about money, about stabilization policy, and about unemployment. He demonstrated the power of committing oneself to a few simple assumptions about human behaviour and then relentlessly pursuing their logical implications. He developed and taught new ways of interpreting data, testing his theories by their ability to explain multiple disparate phenomena. His successes were spectacular and his techniques were widely emulated.
It would take several large volumes to do justice to Friedman’s extraordinary contributions to economic theory, economic practice, economic policy, and economic literacy. Th e few brief chapters that follow will give an overview of what those volumes might contain.
84 pages, Kindle Edition
Published December 8, 2019
173 people are currently reading
161 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 13 of 13 reviews
January 29, 2023
Milton's face depicts how I felt after finishing this shoddy propaganda piece...
October 3, 2021
I translated this book into Persian. It will be published soon.
What I like about the essential series by Fraser Institute is you don't need to have deep academic knowledge of economics. You can read the book, enjoy it, understand it and get to know the essential character the book is talking about.
Mercedé Khodadadi
24 July 2021
(2 Mordad 1400)
What I like about the essential series by Fraser Institute is you don't need to have deep academic knowledge of economics. You can read the book, enjoy it, understand it and get to know the essential character the book is talking about.
Mercedé Khodadadi
24 July 2021
(2 Mordad 1400)
November 7, 2021
The Essential Milton Friedman (2019) by Steven Landsburg is a short summation of Friedman’s life and work. It’s more than a wikipedia page but far less than even most books at 54 pages. Landsburg is a professor of economics at the University of Rochester. He’s a big fan of Friedman and also knew him. This book also seems to be free or very cheap most of the time. It’s part of a series by the Fraser Institute on pro-market economists.
This book is worth a read for anyone looking to get a handle on Friedman’s ideas and his contributions. Friedman’s book “Capitalism and Freedom� and “Free to Choose� are also both very readable but are longer.
There are chapters on Monetary Policy, Friedman’s emphasis on price theory and on Friedman’s work as a popular intellectual. Friedman’s contributions and ideas about drug decriminalization, the volunteer army, education vouchers, central banks targeting a low level of inflation and other topics are well covered for such a short book.
It was really interesting to see that Friedman very much emphasized thinking about economics in terms of questions about how people and firms react rather than referring to older economic theory the way that economics was taught by others at the time.
The Essential Milton Friedman is well worth a read for anyone looking for an overview of Friedman’s ideas.
This book is worth a read for anyone looking to get a handle on Friedman’s ideas and his contributions. Friedman’s book “Capitalism and Freedom� and “Free to Choose� are also both very readable but are longer.
There are chapters on Monetary Policy, Friedman’s emphasis on price theory and on Friedman’s work as a popular intellectual. Friedman’s contributions and ideas about drug decriminalization, the volunteer army, education vouchers, central banks targeting a low level of inflation and other topics are well covered for such a short book.
It was really interesting to see that Friedman very much emphasized thinking about economics in terms of questions about how people and firms react rather than referring to older economic theory the way that economics was taught by others at the time.
The Essential Milton Friedman is well worth a read for anyone looking for an overview of Friedman’s ideas.
August 14, 2023
Livro ultra resumido das ideias de Milton Friedman, um excelente inicio para entender a sociedade moderna e as bases da economia. Bem básico mesmo.
October 25, 2020
I enjoyed this summary of the work of Milton Friedman, one of my favorite economists, written by another of my favorite economists, Steven Landsburg. It walks you through an excellent, easily understandable analysis of Friedman’s academic work, which led him to be awarded a Nobel prize. Landsburg devotes a chapter to each: permanent income hypothesis, money, prices and inflation, monetary policy, unemployment, price theory, occupational licenses. His activism included writing a Newsweek column, public lectures, his Free to Choose TV series, appearances on TV, etc. His ideas had a profound impact on public policy and resonate to this day: the negative income tax (UBI), school vouchers, over extended regulation, ending the military draft, and occupational licensure, even in the medical profession Friedman’s idea that a doctor wasn’t the only one that had to provide medical services—witness the growth of physician assistants, urgent care centers, etc. If you’re new to Friedman’s work, this is an excellent overview and if you are a student of Friedman, this is an excellent reminder of the power of his ideas and theories.
Another important topic: Friedman said he knew of no example of a society that had offered substantial political freedom without also offering substantial economic freedom. Landsburg writes: “Friedman observed, and the Fraser Institute data confirm, that economic freedom is no guarantee of personal freedom. United Arab Emirates is the 9th most economically free country in the world, but ranks a bleak 149th out of 159 in personal freedom…understand why and how political freedom is always and everywhere undermined by socialism.� This made me think of present day China.
Another important topic: Friedman said he knew of no example of a society that had offered substantial political freedom without also offering substantial economic freedom. Landsburg writes: “Friedman observed, and the Fraser Institute data confirm, that economic freedom is no guarantee of personal freedom. United Arab Emirates is the 9th most economically free country in the world, but ranks a bleak 149th out of 159 in personal freedom…understand why and how political freedom is always and everywhere undermined by socialism.� This made me think of present day China.
October 31, 2024
I find it very tough to comprehend economic concepts, and fell asleep more than once while getting through this difficult subject matter. Nonetheless, Milton Friedman is recognized as one of the greatest economists, so I pushed through. I found Friedman’s words rather presumptuous and bordering on propaganda. How can one view the whole word through one economic lens and decide everything? This must surely be incorrect. One must draw from numerous disciplines in order to implement proper monetary policy. Though I disagree with him even more than with Friedman, I found Peter Kropotkin’s work to be vastly more entertaining, albeit equally presumptuous.
October 19, 2020
A respectable summary which gives peculiar insights into the change in governmental policy based on the Chicago school shift in the 1970s and the subsequent deregulation era lasting roughly from 1982-2008. Bits and pieces of the review had felt way simplistic and a bit too biased against the past thinkers such as Keynes but apart from that, it is definitely a worthy read if you're trying to get into the basics of economy and economic thinking.
October 5, 2020
Great refresher
I bought this because I hadn’t read Prof Friedman in years and it seemed a good way to refresh my comprehension of his work. In fact, it extended my knowledge of his work.
I bought this because I hadn’t read Prof Friedman in years and it seemed a good way to refresh my comprehension of his work. In fact, it extended my knowledge of his work.
July 27, 2024
Liberal wet dream Fr
February 22, 2025
Good short understanding of Friedman
Author does a strong job of explaining Friedman's position. Worth reading as a refresher on economic knowledge. Enjoyable quick read.
Author does a strong job of explaining Friedman's position. Worth reading as a refresher on economic knowledge. Enjoyable quick read.
July 20, 2021
A short but insightful overview of Milton Friedmans work and intellectual legacy by one of the most prolific contemporary economics writer.
February 24, 2025
Straight forward introduction to the thinking of Milton Friedman, laying out the main strands of his thought in a clear and coherent manner.
Displaying 1 - 13 of 13 reviews
Can't find what you're looking for?
Get help and learn more about the design.