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Free to Choose: A Personal Statement, by Milton Friedman, Rose Friedman
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All who listen to this masterful and lucid polemic for a free-market economy will never question Milton Friedman's Nobel Prize in economics. Milton Friedman and his wife Rose team up to write a most convincing and readable guide that illustrates the crucial link between Adam Smith's capitalism and the free society. They show how freedom has been eroded and prosperity undermined through the rapid growth of governmental agencies, laws, and regulations. While a large central government may have good intentions, the results it produces are lamentable. More than another indictment of government planning and bureaucracy, however, Free to Choose offers several convincing and creative remedies to the world's woes. Powerful and persuasive, here is the important analysis of what has gone wrong in America in the past and what is necessary for our economic health to flourish.
- Sales Rank: #803642 in Books
- Published on: 1980-01
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 8.75" h x 6.00" w x 1.25" l,
- Binding: Hardcover
- 338 pages
Review
"Excellent book….This reviewer has never read a more straightforward and simple statement of the present ills facing our society and what we as citizens in a democracy must do about them." --Chicago Sun Times
From the Back Cover
In this classic about economics, freedom, and the relationship between the two, Milton and Rose Friedman explain how our freedom has been eroded and our prosperity undermined through the explosion of laws, regulations, agencies, and spending in Washington, and how good intentions often produce deplorable results when government is the middleman. The Friedmans also provide remedies for these ills--they tell us what to do in order to expand our freedom and promote prosperity.
About the Author
Milton Friedman (1912-2006) was perhaps the most influential economist of the twentieth century. Professor, columnist, author, and advisor, he was awarded the 1976 Nobel Prize in economic sciences.
Rose D. Friedman (1910-2009) was a professor at the University of Chicago Law School. She was the author, with her husband Milton Freidman, of two books on economics and public policy, Free to Choose and Tyranny of the Status Quo, as well as their memoir, Two Lucky People.
James Adams is one of the world's leading authorities on terrorism and intelligence, and for more than twenty-five years he has specialized in national security. He is also the author of fourteen bestselling books on warfare, with a particular emphasis on covert warfare. A former managing editor of the London Sunday Times and CEO of United Press International, he trained as a journalist in England, where he graduated first in the country. Now living in Southern Oregon, he has narrated numerous audiobooks and earned an AudioFile Earphones Award and two coveted Audie Award for best narration.
Most helpful customer reviews
11 of 11 people found the following review helpful.
Economic and Political Freedom!
By O. Halabieh
Below are key excerpts from the book that I found particularly insightful:
1- "Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised. In addition, by dispersing power, the free market provides an offset to whatever concentration of political power may arise. The combination of economic and political power in the same hands is a sure recipe for tyranny."
2- "The experience of recent years--slowing growth and declining productivity--raises a doubt whether private ingenuity can continue to overcome the deadening effects of government control if we continue to grant ever more power to government, to authorize a "new class" of civil servants to spend ever larger fractions of our income supposedly on our behalf. Sooner or later--and perhaps sooner than many of us expect--an ever bigger government would destroy both the prosperity that we owe to the free market and the human freedom proclaimed so eloquently in the Declaration of Independence."
3- "Prices perform three functions in organizing economic activity: first, they transmit information; second, they provide an incentive to adopt those methods of production that are least costly and thereby use available resources for the most highly valued purposes; third, they determine who gets how much of the product - the distribution of income. These three functions are closely interrelated."
4- "Our society is what we make it. We can shape our institutions. Physical and human characteristics limit the alternatives available to us. But none prevents us, if we will, from building a society that relies primarily on voluntary cooperation to organize both economic and other activity, a society that preserves and expands human freedom, that keeps government in its place, keeping it our servant and not letting it become our master."
5- "The ballot box produces conformity without unanimity; the marketplace, unanimity without conformity. That is why it is desirable to use the ballot box, so far as possible, only for those decisions where conformity is essential."
6- "Freedom cannot be absolute. We do live in an interdependent society. Some restrictions on our freedom are necessary to avoid other, still worse, restrictions. However, we have gone far beyond that point. The urgent need today is to eliminate restrictions, not add to them."
7- "In one respect the System has remained completely consistent throughout. It blames all problems on external influences beyond its control and takes credit for any and all favorable occurrences. It thereby continues to promote the myth that the private economy is unstable, while its behavior continues to document the reality that government is today the major source of economic instability."
8- "The waste is distressing, but it is the least of the evils of the paternalistic programs that have grown to such massive size. Their major evil is their effect on the fabric of our society. They weaken the family; reduce the incentive to work, save, and innovate; reduce the accumulation of capital; and limit our freedom. . These are the fundamental standards by which they should be judged."
9- "A society that puts equality--in the sense of equality of outcome--ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests...Freedom means diversity but also mobility. It preserves the opportunity for today's disadvantaged to become tomorrow's privileged and, in the process. enables almost everyone, from top to bottom, to enjoy a fuller and richer life."
10- "We believe that the growing role that government has played in financing and administering schooling has led not only to enormous waste of taxpayers' money but also to a far poorer educational system than would have developed had voluntary cooperation continued to play a larger role...We have tried in this chapter to outline a number of constructive suggestions...These proposals are visionary but they are not impracticable...We shall not achieve them at once. But insofar as we make progress toward them--or alternative programs directed at the same objective--we can strengthen the foundations of our freedom and give fuller meaning to equality of educational opportunity."
11- "Insofar as the government has information not generally available about the merits or demerits of the items we ingest or the activities we engage in, let it give us the information. But let it leave us free to choose what chances we want to take with our own lives."
12- "When unions get higher wages for their members by restricting entry into an occupation, those higher wages are at the expense of other workers who find their opportunities reduced. When government pays its employees higher wages, those higher wages are at the expense of the taxpayer. But when workers get higher wages and better working conditions through the free market, when they get raises by firms competing with one another for the best workers, by workers competing with one another for the best jobs, those higher wages are at nobody's expense. They can only come from higher productivity, greater capital investment, more widely diffused skills."
13- "Five simple truths embody most of what we know about inflation: 1. Inflation is a monetary phenomenon arising from a more rapid increase in the quantity of money than in output (though, of course, the reasons for the increase in money may be various) 2. In today's world government determines--or can determine -the quantity of money. 3. There is only one cure for inflation: a slower rate of increase in the quantity of money. 4. It takes time--measured in years, not months--for inflation to develop; it takes time for inflation to be cured. 5. Unpleasant side effects of the cure are unavoidable."
14- "We have been misled by a false dichotomy: inflation or unemployment. That option is an illusion. The real option is only whether we have higher unemployment as a result of higher inflation or as a temporary side effect of curing inflation."
15- "The two ideas of human freedom and economic freedom working together came to their greatest fruition in the United States. Those ideas are still very much with us. We are all of us imbued with them. They are part of the very fabric of our being. But we have been straying from them. We have been forgetting the basic h that the greatest threat to human freedom is the concentration of power, whether in the hands of government or anyone else. We have persuaded ourselves that it is safe to grant power, provided it is for good purposes."
4 of 4 people found the following review helpful.
Relevant but quite dated
By Jessica Roberts
Free to choose has very important subject matter relevant to anyone who follows economics. It is laden with a lot of politics that explains government policies and who truly benefits. He mentions changes that have taken place in the political arena and labor. I like that he talks a lot about capital markets because at the end of the day I think economics is all about consumption. He mentions changes that have taken place in the labor markets, the role of prices in economics etc. and that most importantly as a consumer, I am free to choose any good or service that I want based on my income and the incentive that I stand to gain from that transaction.
He touches on the welfare system and its defects, how once people get on relief its difficult to get them off .One thing that I like about his book is that he always concludes at the end of each chapter and also clarifies who the true beneficiaries of policies are and who the losers are. I wouldn't read this book for leisure though, as it is a bit too heavy for me and I could use my leisure for something else that I enjoy or can get a reward, this is what economics teaches after all
1 of 1 people found the following review helpful.
A Good Introduction to Capitalism
By Loren K. Strodtman
I think this book should be required reading for high school students, perhaps in their junior year. It explains the genius of small government and capitalism in common language using common examples. The Friedmans also explain what government involvement and oversight should be, as opposed to what we've come to expect. It's pretty light reading, and with a decent teacher the 1970s references could be further explained for even better understanding. I'm 36 and know about that era, but I'm also the kind of person who reads these kinds of books.
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