Price Theory by Milton Friedman

Price Theory

Milton Friedman
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  • ISBN
    9781888262711 / 1888262710
  • Title Price Theory
  • Author Milton Friedman
  • Category Banking
  • Format
  • Year 2010
  • Pages 290
  • Publisher
    Martino Fine Books
  • Imprint Martino Fine Books
  • Language English
  • Dimensions 212mm x 280mm


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.

Author Biography

Milton Friedman (1912-2006) was a senior research fellow at the Hoover Institution, Stanford University, and the Paul Snowden Distinguished Service Professor of Economics at the University of Chicago. In 1976 he was awarded the Nobel Prize in economics.

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Price Theory