Milton Friedman : a guide to his economic thought

by Eamonn Butler

The first systematic study of the significance of the ideas of Milton Friedman--one of the great economists of the 20th century.

Genres: Economics, Audiobook, Biography, Finance, History, Nonfiction

288 pages, Paperback

First published October 1, 1985

Reviews

[Laila · Rating 5 out of 5]

Audio-format
This is a case of: it's not you, it's me!
Well written and simplify for reader to better understand Milton's economic thought before reading his books. Alas if you don't get it, you never will! And that's me, sadly.

[Ken · Rating 5 out of 5]

Recently, I've been having an intense craving to learn the mechanics of economics. I've recently herd of a fellow called Milton Friedman and how great of an economist he was, so I looked into him and his views. I agreed with alot of his material. He seemed suitable enough to learn from, so I decided on learning the basics from him first

This book was a great introduction to who he was. Eamonn, the author walks us through the career of this man right from the ground up. I learnt all sorts of things, such as why he studied economics in particular, his early work, who he was friends with, papers he wrote and so fort. but my favourite thing about this book is how concise it is. Eamonn is a pro at keeping the pace moving along smoothly. The book is barely repetitive, something most authors seem to can't refrain from doing...it made me think about things in a different way and altered many of my view points on certain topics. So if you're a novice, or even have a strong working knowledge of economics and want to learn the work of milton friedman. Then i think this book is well deserved

The verdict:
Very robust and concise book addressing the works of Friedman, very suitable for the layman and advanced learners

Physical Quality:
The book is published by harriman house. The quality is extremely good, the text is rich. It is indeed one of the best paperbacks i own in terms of physical quality
Feel free email me if you'd like a chat "moneymavericks92@Gmaill.com"

-Ken James,
London Based Capitalist

[Rafael Ramirez · Rating 5 out of 5]

Muy buen libro para concer las ideas y aportaciones de uno de los más grandes e influyentes economistas de la era moderna, Milton Friedman.

La primera parte del libro puede ser más interesante para estudiosos serios de la economía que para el público en general. En ella se describen las aportaciones seminales de Friedman a la teoría económica. Friedman ha sido fundamental para el entendimiento del papel que juega el dinero en una economía, su relación con las variables reales (como la producción y el empleo), las causas de la inflación y los ciclos económicos, así como el papel de la politica monetaria. Un acierto del libro es no solo describir estas aportaciones sino contrastarlas con distintas corrientes de pensamiento, ubicándolas en el contexto de otras escuelas económicas, especialmente la keynesiana y la austríaca.

Es sumamente interesante también la discusión que se presenta sobre las aportaciones de Friedman al debate sobre la metodología más adecuada para la ciencia económica. Para Friedman, la Economía avanza en su comprensión de la realidad mediante la elaboración de teorías que deben ser evaluadas no en fución de su complejidad o su elegancia lógica sino, fundamentalmente, en su contraste con la realidad, en su capacidad de predecir la evolución de las variables económicas de manera parsimoniosa y verificable.

La segunda parte del libro se enfoca en describir las propuestas de Friedman respecto a las politicas públicas más adecuadas para lograr objetivos sociales. Para Friedman, hay pocas diferencias entre los objetivos que las diferentes personas buscamos para la sociedad (mayor desarrollo y empleo, menos pobreza, estabilidad de precios, etc.), la gran diferencia está en los medios que se proponen para lograrlo. Su estudio sobre el funcionamiento de la economía llevó a Friedman a elaborar propuestas como vouchers educativos, la eliminación de controles de precios (incluyendo el salario mínimo y los tipos de cambio fijos), el establecimiento de un impuesto a los ingresos negativo para las personas de menores ingresos y una menor discrecionalidad para los bancos centrales en el manejo de la política monetaria. Es notable la influencia que ha tenido Friedman en estos temas gracias no solo a la profunidad de su pensamiento sino a su capacidad de argumentación y su facilidad para explicar conceptos complejos de una manera sencilla y accesible, transmitiendo siempre un enorme optimismo sobre las persona y su capacidad para mejorar.

Este libro deja claro porqué Friedman es un gigante, no sólo en la historia del pensamiento económico, sino en la promoción de una sociedad más abierta, libre y próspera. Invita a conocer más acerca de su vida y obra, tal vez empezando por leer algunos de sus clásicos como Capitalismo y Libertad o por ver la serie producida por PBS, Free to Choose.

[Tim · Rating 5 out of 5]

British economist Eamonn Butler does a superb job of writing very concise synopses on important classical liberals, free marketers, and associated topics. This one on Milton Friedman is no exception. Even if you've read a couple books by him or, e.g., a few of F. A. Hayeks', both as I have, Butler's read them all and knows their lives well. He synthesizes it all well, judges well, and gets much substance into very little space. Besides those two I've read his excellent book on Adam Smith (my copy of Wealth of Nations alone is 750 pages), and I'm reading his book on Ludwig von Mises. Thanks very much, Eamonn.

Which is a great service to the many vs writing only for fellow economists and/or folks with PhDs. And it's a great service to so many of us who should have much better clues about what really works and what really harms, but we have jobs and families and we don't have time or know where to start with many thousands of important pages. There's much about economics, finance and money that not many understand or know while progressives, politicians and reborn Keynsians dig our graves and load their revolvers. So we get fooled by their nonsense pushing the non-existent great goods of minimum wage laws, labor unions' collective bargaining, price controls like rent control, professional licensure, not to mention government monopolies and those estabished and protected by government, and the Fed and so much associated with it. Much else.

All these topics were addressed by Friedman and are described in this book, also the great harms of not leaving inflation and unemployment to free markets but letting them be made worse than otherwise by government and the Fed. As they also do with the business cycle, in part to grow the administrative state and make citizens rightless and addicted to admin state dope. Which now involves a federal debt to GDP ratio even higher than its previous high at the end of WWII. I don't recall recently going through WWIII but we're being taxed to death for it, with the huge sums of money being unforgivably wasted on an endless number of things constitutionally prohibited by the federal government while our military atrophies with WWIII on the horizon.

I digress, but along Friedman's lines. In essence, government interference in what otherwise would be free markets and the vast majority of its regulations are both economically destructive and are destructive of our rights and liberties supposedly constitionally protected. Friedman helpfully and repeatedly points out that so much government pushes to help the poor actually harms them and harms them more than anyone else. (Teachers unions, big bucks for the Democratic Party, combined with prohibition of charter schools are crushing poor, black inner city kids and denying them probably the best way up and out that's realistically possible). The book has more on Friedman's good influences in the US and the world, on his ideas about business cycles, money and monetary policy, inflation and unemployment, why the Fed shouldn't exist, and its responsibility for the Great Depression, worsened by FDR and other progessives.

I think Butler serves a really important function, providing excellent, very substantive and very concise books on matters critically important to everyone but much lied about and obfuscated or hidden by politicians, progressives and the left that's in control of government, education, the "news media," the arts, entertainment, etc., and now even much of American business. Friedman was instrumental in demonstrating why and convincing virtually all economists and politicians that the popular mythology about the Depression was backwards, and that the stagflation from about 1968 to 1982 also proved how wrong and destructive Keynsianism is and, to some extent he convinced a fair number, why much government regulation, size, taxation, and inflation creation should be gone.

But we Americans have extraordinarily short memories and even more twisted versions of progressivism and Keynsianism have been back and have burned down many houses in recent years. Yes, and the democratic rule-of-law, natural rights-of-all-respecting republic Israel is the terrorist gang while Hamas is the community of suffering saints. As Friedman indicated, the free market exchanges of free people who might disagree about much benefit both people without them having to disagree about anything. This has produced the best standards of living the world has ever known with the least social dysfunction. It encourages and rewards productivity, good invention, and individuals meeting the needs of other unknown individuals.

So, AOC, Elizabeth Warren, Bernie Sanders, please explain how Venezuelans are better off than Americans. And how Stalinism was almost as saintly as Hamasism and how freedom and prosperity were so much better in Stalin's Soviet Union than in the US. Heck, please explain how it is that Europe's gone so far down the drain and will get much farther. And if black lives really, actually do matter to you, outlaw all teachers unions and require all public schools to be charters immediately.

Friedman couldn't stand progressive bs but he was a lot more optimistic and much less cranky than me. The book's very well worth the quick read.

[Sheldon Smith · Rating 4 out of 5]

An excellent read that gives a great summary of Milton Friedman's economic thinking. The book covers a range of economic thought and, as such, can get a little dry and difficult at times. It offers, however, some great explanations of how macroeconomic thinking can provide guidance and understanding to where we stand today. The author provides plenty of direct Milton Friedman quotes to highlight the points that are being presented and give the reader a good view of Friedman's extraordinary ability to layout his ideas in simple, and often quite humorous, statements. It's amazing that so much of what Friedman wrote and thought scores of years ago are quite relevant when trying to understand the current state of our economy.

[Ahmad Hesham · Rating 3 out of 5]

Perhaps I am confused with the scope and purpose of the book, but even for a "lay-person" introductory piece it is still too shallow. The book includes some clever interpretations of Friedman's thoughts and examples of their "success," but limited explanation of why such methods might work. So, at one point or another, one might perceive the book as a propaganda piece. After all, the author has other books where he "discussed" the "philosophy" of Ayn Rand; so, he is no stranger to BS. I believe it to be more sensible to read "capitalism & freedom," by Friedman himself, as the book is neither academic nor a " dummies' guide to..."

[Ivo Fernandes · Rating 4 out of 5]

This book is very focused in the monetary policy and the supply of money, and it's effect on prices and economic expansion, it shows the problems of a irregular velocity of the generation of money, because the monetary expansion will lead to increases on prices, but not in a predictable way, and the industries where the prices rises first may view the increase of prices as an economic development, start to hire people and invest in a more risky way, and suffer with the price rises of the remaining industries...That's why Friedman defends a low and constant monetary expansion

[Omar Alabduljader · Rating 4 out of 5]

I wanted a book to introduce me to Friedman’s ideas. This book delivered. Well written in a simplified form and a reference to Friedman’s writings. I comprehended economic ideas even though it’s not my field of expertise. Great introduction to Friedman you won’t regret.
Gave it four stars because I was expecting more depth I found this book too shallow however I can understand because it meant to be introductory.

[José Lopes · Rating 3 out of 5]

O autor consegue fazer passar as ideias de Friedman de forma concisa, mas acaba por andar sempre à volta praticamente dos mesmos argumentos, parecendo sempre que está sempre a procurar fazer um own a Milton Friedman em vez de expor as ideias do economista de forma crítica - a exposição das ideias pauta-se por uma exposição demasiado acrítica que deixa muito a desejar.

Overall, Butler cumpre o que se propõe a fazer, mas é incipiente.

[zakir sadullayev · Rating 5 out of 5]

Very well summarised Friedman's professional life.

I chose this book to learn more about Friedman's professional life. I found out a lot how his well constructed arguments changed the modern history of economic thoughts.

[Mai · Rating 4 out of 5]

Definitely great ideas, but are we looking at another plato here? Real life has more challenges than that, it can never be this easy. There will always be a gap and someone miserable no matter how hard we try. Life is just not that fair.

[Ian Sénéchal · Rating 5 out of 5]

Milton Friedman en quelques heures de lecture condensée. Simple, efficace, comme le personnage qu'était Friedman. Pour les amoureux de liberté individuelles, c'est un incontournable. Chaudement recommandé.

[Isaac M Rodriguez · Rating 5 out of 5]

This is forcing me to review


I don't know why. It it's also making queue up to sixteen words and this makes no sense what do ever

[Abraham Hernandez · Rating 4 out of 5]

I liked it, but it was very technical most of the book. I was expecting an economic introduction to Milton Friedman from a non expert point of view.

[Gregg · Rating 3 out of 5]

This deep dive into Friedman’s economics is a great refresher. His approach is pragmatic and evidence-based. It also does not bode well for the short term prospects of our current economy.

[AttackGirl · Rating 5 out of 5]

It always helps to go back and review the basics of the Free Market theories and those supporters who have attempted to show money is GREEN when you focus on ensuring a free market there can be no racism.

[Francois Cloutier · Rating 5 out of 5]

Une excellente introduction à la pensée économique et politique de Milton Friedman. L'auteur résume de façon claire et précise la critique de Friedman à l'égard de Keynes ainsi que les raisons pour lesquelles le libre marché est lié de près à la liberté individuelle. Les nombreuses citations tirées de « Free to choose » sont une invitation à regarder la célèbre série télévisée.

[Ricardo Figueira · Rating 4 out of 5]

Um livro que não nos deixa ficar aqui, pela quantidade de referências de maior importância, a livros tão sugestivos como "liberdade para escolher" e "capitalismo e liberdade"
Milton Friedman, um economista mas mais do que isso um estudioso que não toma de todo uma parte, por ter sempre em conta o lado humano da "coisa".

[Vasco Carneiro]

Daqueles que se lê em uma tarde.