FRIEDMAN, Milton.

Essays in Positive Economics.

Chicago: University of Chicago Press, 1953 Stock Code: 140766
£5,250.00

"The most influential work of economic methodology of this century"

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Notes

First edition, first printing, and an exceptionally nice copy. This collection of Friedman's papers, published in the late 1940s and early 1950s, including Friedman's famous titular essay laying out his methodological approach, which has been called "the most influential work of economic methodology of this century" (Hausman, p. 180).

"Friedman argued that economists were spending too much time trying to make the assumptions underlying their models realistic. Economic models should be judged, Friedman argued, not by the realism of their assumptions, but rather by the accuracy of their predictions. If the assumptions that markets were competitive and that business executives aimed to maximize profits produced accurate predictions, Friedman was satisfied" (ANB). The other essays cover the Marshallian demand curve, the effects of an income and excise tax, the effects of a full-employment policy on economic stability, and the case for flexible exchange rates, among others.

With the ownership signature of Toronto economics professor Gilbert E. Jackson (1890-1959) to the front free endpaper. Jackson founded the consulting firm Gilbert Jackson and Associates, which was hired by the Canadian Committee on Industrial Reconstruction to promote free-market ideas. "Jackson's intellectual output and role in the CCIR shared much in common with the contemporaneous activities of early neoliberals in Europe and the United States and presaged the proliferation of advocacy think tanks during the second half of the twentieth century" (See Don Nerbas, Managing Democracy, Defending Capitalism, Semantic Scholar, 2013, abstract).

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Description

Octavo. Original blue cloth, spine lettered in gilt, top edge red. With the dust jacket.

Condition

Spine with very minor sunning, bump to top tips, else a near-fine copy in an exceptional jacket, single nick at foot, else bright without soiling or wear.

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