Essays in Positive Economics.Chicago: University of Chicago Press, 1953 Stock Code: 141192
NotesFirst edition, first printing, of 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.
Octavo. Original blue cloth, spine lettered in gilt, top edge red.
Spine lightly sunned, a few very minor marks to cloth and minor peripheral rubbing, very light bumping to top tips, contents clean and unmarked. A very good copy.
Daniel Hausman, The Philosophy of Economics, 1994.
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