Essays in Positive Economics

Essays in Positive Economics

Milton Friedman

334 pages | 5.25 x 8 | © 1966

Economics and Business: Economics--General Theory and Principles

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  • Browse content in A - General Economics and Teaching
  • Browse content in A1 - General Economics
  • A11 - Role of Economics; Role of Economists; Market for Economists
  • A12 - Relation of Economics to Other Disciplines
  • Browse content in B - History of Economic Thought, Methodology, and Heterodox Approaches
  • Browse content in B4 - Economic Methodology
  • B41 - Economic Methodology
  • Browse content in C - Mathematical and Quantitative Methods
  • Browse content in C1 - Econometric and Statistical Methods and Methodology: General
  • C10 - General
  • C11 - Bayesian Analysis: General
  • C12 - Hypothesis Testing: General
  • C13 - Estimation: General
  • C14 - Semiparametric and Nonparametric Methods: General
  • C18 - Methodological Issues: General
  • Browse content in C2 - Single Equation Models; Single Variables
  • C22 - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
  • C23 - Panel Data Models; Spatio-temporal Models
  • C26 - Instrumental Variables (IV) Estimation
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  • C31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
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  • C33 - Panel Data Models; Spatio-temporal Models
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  • C40 - General
  • C44 - Operations Research; Statistical Decision Theory
  • C45 - Neural Networks and Related Topics
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  • C52 - Model Evaluation, Validation, and Selection
  • C53 - Forecasting and Prediction Methods; Simulation Methods
  • C55 - Large Data Sets: Modeling and Analysis
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  • C61 - Optimization Techniques; Programming Models; Dynamic Analysis
  • C62 - Existence and Stability Conditions of Equilibrium
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  • Browse content in C7 - Game Theory and Bargaining Theory
  • C70 - General
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  • C78 - Bargaining Theory; Matching Theory
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  • C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
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  • C90 - General
  • C91 - Laboratory, Individual Behavior
  • C92 - Laboratory, Group Behavior
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  • C99 - Other
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  • D23 - Organizational Behavior; Transaction Costs; Property Rights
  • D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
  • Browse content in D3 - Distribution
  • D30 - General
  • D31 - Personal Income, Wealth, and Their Distributions
  • D33 - Factor Income Distribution
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  • D40 - General
  • D42 - Monopoly
  • D43 - Oligopoly and Other Forms of Market Imperfection
  • D44 - Auctions
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  • D50 - General
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  • F60 - General
  • F61 - Microeconomic Impacts
  • F66 - Labor
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  • Browse content in G - Financial Economics
  • Browse content in G0 - General
  • G01 - Financial Crises
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  • G10 - General
  • G11 - Portfolio Choice; Investment Decisions
  • G12 - Asset Pricing; Trading volume; Bond Interest Rates
  • G15 - International Financial Markets
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  • G20 - General
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  • G28 - Government Policy and Regulation
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  • G30 - General
  • G31 - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
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  • G33 - Bankruptcy; Liquidation
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  • H11 - Structure, Scope, and Performance of Government
  • H12 - Crisis Management
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  • H20 - General
  • H21 - Efficiency; Optimal Taxation
  • H22 - Incidence
  • H23 - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
  • H24 - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes
  • H25 - Business Taxes and Subsidies
  • H26 - Tax Evasion and Avoidance
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  • H44 - Publicly Provided Goods: Mixed Markets
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  • H68 - Forecasts of Budgets, Deficits, and Debt
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Essays in Positive Economics

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T. W. Hutchison, Essays in Positive Economics, The Economic Journal , Volume 64, Issue 256, 1 December 1954, Pages 796–799, https://doi.org/10.2307/2228046

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Essays in Positive Economics

Description.

"Stimulating, provocative, often infuriating, but well worth reading."—Peter Newman, Economica

"His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity."—K.E. Boulding, Political Science Quarterly

"Certainly one of the most engrossing volumes that has appeared recently in economic theory."—William J. Baumol, Review of Economics and Statistics

About the Author

Milton Friedman (1912–2006) was the Paul Snowden Russell Distinguished Service Professor Emeritus in Economics at the University of Chicago. He received the 1976 Nobel Prize in Economics and is best known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. He was a principal founder of what has come to be known as the Chicago School of Economics and was one of the world’s leading proponents of the importance of the free market.  Friedman authored many books during his lifetime including the seminal work Capitalism and Freedom, which was published by Chicago in 1962. He and his wife Rose Friedman co-authored the memoir Two Lucky People, also published by Chicago.

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AI and Productivity Growth: Evidence from Historical Developments in Other Technologies

Productivity growth is an important measure of economic well-being. With higher productivity, an economy produces more output for the same amount of input—for example, hours worked. This results in higher standards of living through a wide range of positive outcomes for the economy, such as higher compensation and higher tax revenue.

In recent years, U.S. productivity growth has been significantly lower than average growth from 1930 to 2000. (See the figure below.) Recent developments in artificial intelligence (AI) with large language models (such as ChatGPT, Claude and Llama) present a ray of optimism for future productivity growth.

Aggregate Productivity Growth: 1930-2000 and 2000-2019

A column chart shows productivity growth averaged 2.04% from 1930-2000 versus 1.12% from 2000-2019.

SOURCES: Bureau of Labor Statistics and authors’ calculations.

There are three primary considerations for evaluating productivity growth for any given set of technologies:

  • Improvements in productivity for individuals because of AI
  • The extent to which AI is adopted by individuals across different firms, industries and cities
  • The speed of AI’s diffusion

Several recent studies have tried to estimate the improvement in the productivity level for workers using large language models in online experiments. These studies, which typically measured productivity in terms of the speed and quality at which an assigned task was completed, have found varying results about the increase in productivity, with estimates ranging from 8% to 36%. For examples of this research, see Erik Brynjolfsson, Danielle Li and Lindsey R. Raymond’s 2023 working paper ; Shakked Noy and Whitney Zhang’s 2023 article ; Sida Peng, Eirini Kalliamvakou, Peter Cihon and Mert Demirer’s 2023 article ; and Emma Wiles, Zanele T. Munyikwa and John J. Horton’s 2023 working paper .

In this blog post, we highlight the diffusion patterns of some recent technologies.

The Case of Computers

One of the truly general-purpose technologies is computers. To look at the diffusion of personal computers over time, the figure below plots the percentage of American households who reported using computers for personal use compared with the percentage of workers who reported using such computers for work in the Census Bureau’s Current Population Survey (CPS) Computer and Internet Use Supplement from 1984 to 2015 and 2003, respectively. (After 2003, the CPS does not provide the share of American workers who use a computer at work.)

Diffusion of Personal Computers at Home and at Work

A line chart shows the share of computer use among U.S. households and workers. The share starts at about 8% and 25%, respectively, in 1984. The share gradually increases to 56% in 2003 for workers, and 79% for households in 2015.

SOURCES: Current Population Survey’s Computer and Internet Use Supplement and authors’ calculations.

These days, computers are a constant presence at work and at home, but they didn’t become widespread overnight. Although the (arguably) first desktop computer available for mass market was produced in 1968 by Hewlett Packard, it wasn’t until more than two decades later that computer usage spread to a significant share of American households, reaching 23% in 1993, according to CPS estimates. The share of workers using computers in their jobs, a more limited measure of computers’ diffusion, also grew relatively slowly before becoming ubiquitous in the 2000s.

By 2012, approximately 79% of U.S. households reported using a desktop, laptop or tablet computer at home, according to CPS estimates. Since then, growth in at-home computer use has primarily come from the diffusion of smartphones and other portable devices. Over 95% of U.S. households reported owning at least one computing device (including smart phones) in 2022.

Has the Spread Been Faster for More Recent Technologies?

The three figures below track the diffusion of three recent popular technologies—smart devices, cloud computing and 3D printing—in job postings across different urban areas (core-based statistical areas, or CBSAs). For further information on this methodology, see Aakash Kalyani, Nicholas Bloom, Tarek Alexander Hassan, Marcela Mello, Josh Lerner and Ahmed Tahoun’s paper “ The Diffusion of New Technologies ,” NBER Working Paper No. 28999, National Bureau of Economic Research, 2021 (Revised November 2023). The authors studied the diffusion of new technologies using textual analysis techniques applied to the text of patents, Wikipedia, online job postings and earnings conference calls. These technologies exhibit contrasting patterns of adoption, hinting at the many paths AI could take. The use of smart devices in job postings spread at a rapid rate, reaching almost all urban areas by 2015. On the other hand, the spread of cloud computing and 3D printing has been significantly slower. The first large-scale public cloud computing platform was launched in 2002 with Amazon Web Services, and the first commercial 3D printer was sold in 1988 , yet in 2019, job postings included cloud computing and 3D printing in about 50% and 1% of urban areas in the U.S., respectively. Will the future diffusion pattern of AI be more like the pattern of smart devices, cloud computing or 3D printing?

Geographical Diffusion of Smart Devices in Job Openings

The share of CBSAs with a significant presence of jobs related to smart devices increased from 0.55% in 2007 to 99.1% in 2019.

Geographical Diffusion of Cloud Computing in Job Openings

The share of CBSAs with a significant presence of jobs related to cloud computing increased from 3.7% in 2007 to 50.7% in 2019.

Geographical Diffusion of 3D Printing in Job Openings

The share of CBSAs with a significant presence of jobs related to 3D printing increased from 0% in 2007 to 1.3% in 2019.

SOURCES FOR THE THREE FIGURES: Data from Kalyani et al. (2021) and authors’ calculations.

NOTE FOR THE THREE FIGURES: A core-based statistical area (CBSA) is considered to have a significant presence of jobs related to the new technology when those particular jobs represent 0.25% of all jobs in that CBSA.

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Guest Essay

I’m an Economist. Don’t Worry. Be Happy.

An illustration of a simply drawn punch card, with USD written along one margin, a dollar sign and an “I” with many zeros following. Certain zeros have been colored red, creating a smiley face.

By Justin Wolfers

Dr. Wolfers is a professor of economics and public policy at the University of Michigan and a host of the “Think Like an Economist” podcast.

I, too, know that flash of resentment when grocery store prices feel like they don’t make sense. I hate the fact that a small treat now feels less like an earned indulgence and more like financial folly. And I’m concerned about my kids now that house prices look like telephone numbers.

But I breathe through it. And I remind myself of the useful perspective that my training as an economist should bring. Sometimes it helps, so I want to share it with you.

Simple economic logic suggests that neither your well-being nor mine depends on the absolute magnitude of the numbers on a price sticker.

To see this, imagine falling asleep and waking up years later to discover that every price tag has an extra zero on it. A gumball costs $2.50 instead of a quarter; the dollar store is the $10 store; and a coffee is $50. The 10-dollar bill in your wallet is now $100; and your bank statement has transformed $800 of savings into $8,000.

Importantly, the price that matters most to you — your hourly pay rate — is also 10 times as high.

What has actually changed in this new world of inflated price tags? The world has a lot more zeros in it, but nothing has really changed.

That’s because the currency that really matters is how many hours you have to work to afford your groceries, a small treat, or a home, and none of these real trade-offs have changed.

This fairy tale — with some poetic license — is roughly the story of our recent inflation. The pandemic-fueled inflationary impulse didn’t add an extra zero to every price tag, but it did something similar.

The same inflationary forces that pushed these prices higher have also pushed wages to be 22 percent higher than on the eve of the pandemic. Official statistics show that the stuff that a typical American buys now costs 20 percent more over the same period. Some prices rose a little more, some a little less, but they all roughly rose in parallel.

It follows that the typical worker can now afford 2 percent more stuff. That doesn’t sound like a lot, but it’s a faster rate of improvement than the average rate of real wage growth over the past few decades .

Of course, these are population averages, and they may not reflect your reality. Some folks really are struggling. But in my experience, many folks feel that they’re falling behind, even when a careful analysis of the numbers suggests they’re not.

That’s because real people — and yes, even professional economists — tend to process the parallel rise of prices and wages in quite different ways. In brief, researchers have found that we tend to internalize the gains due to inflation and externalize the losses. These different processes yield different emotional responses.

Let’s start with higher prices. Sticker shock hurts. Even as someone who closely studies the inflation statistics, I’m still often surprised by higher prices. They feel unfair. They undermine my spending power, and my sense of control and order.

But in reality, higher prices are only the first act of the inflationary play. It’s a play that economists have seen before. In episode after episode, surges in prices have led to — or been preceded by — a proportional surge in wages.

Even though wages tend to rise hand-in-hand with prices, we tell ourselves a different story, in which the wage rises we get have nothing to do with price rises that cause them.

I know that when I ripped open my annual review letter and learned that I had gotten a larger raise than normal, it felt good. For a moment, I believed that my boss had really seen me and finally valued my contribution.

But then my economist brain took over, and slowly it sunk in that my raise wasn’t a reward for hard work, but rather a cost-of-living adjustment.

Internalizing the gain and externalizing the cost of inflation protects you from this deflating realization. But it also distorts your sense of reality.

The reason so many Americans feel that inflation is stealing their purchasing power is that they give themselves unearned credit for the offsetting wage rises that actually restore it.

Those who remember the Great Inflation of the ’60s, ’70s and early ’80s have lived through many cycles of prices rising and wages following. They understand the deal: Inflation makes life more difficult for a bit, but you’re only ever one cost-of-living adjustment away from catching up.

But younger folks — anyone under 60 — had never experienced sustained inflation rates greater than 5 percent in their adult lives. And I think this explains why they’re so angry about today’s inflation.

They haven’t seen this play before, and so they don’t know that when Act I involves higher prices, Act II usually sees wages rising to catch up. If you didn’t know there was an Act II coming, you might leave the theater at intermission, thinking you just saw a show about big corporations exploiting a pandemic to take your slice of the economic pie.

By this telling, decades of low inflation have left several generations ill equipped to deal with its return.

While older Americans understood that the pain of inflation is transitory, younger folks aren’t so sure. Inflation is a lot scarier when you fear that today’s price rises will permanently undermine your ability to make ends meet.

Perhaps this explains why the recent moderate burst of inflation has created seemingly more anxiety than previous inflationary episodes.

More generally, being an economist makes me an optimist. Social media is awash with (false) claims that we’re in a “ silent depression ,” and those who want to make America great again are certain it was once so much better.

But in reality, our economy this year is larger, more productive and will yield higher average incomes than in any prior year on record in American history. And because the United States is the world’s richest major economy, we can now say that we are almost certainly part of the richest large society in its richest year in the history of humanity.

The income of the average American will double approximately every 39 years. And so when my kids are my age, average income will be roughly double what it is today. Far from being fearful for my kids, I’m envious of the extraordinary riches their generation will enjoy.

Psychologists describe anxiety disorders as occurring when the panic you feel is out of proportion to the danger you face. By this definition, we’re in the midst of a macroeconomic anxiety attack.

And so the advice I give as an economist mirrors that I would give were I your therapist: Breathe through that anxiety, and remember that this, too, shall pass.

Justin Wolfers is a professor of economics and public policy at the University of Michigan and a host of the “Think Like an Economist” podcast.

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

Follow the New York Times Opinion section on Facebook , Instagram , TikTok , WhatsApp , X and Threads .

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Milton Friedman

Essays in Positive Economics Hardcover – Import, January 1, 1953

  • Print length 328 pages
  • Language English
  • Publisher The University of Chicago Press
  • Publication date January 1, 1953
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  • ASIN ‏ : ‎ B0000CIQ5E
  • Publisher ‏ : ‎ The University of Chicago Press; First Edition (January 1, 1953)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 328 pages
  • Item Weight ‏ : ‎ 1.75 pounds
  • #15,623 in Economic Conditions (Books)

About the author

Milton friedman.

Milton Friedman is a senior research fellow at the Hoover Institution, Stanford University, and the Paul Snowden Distinguished Service Professor Emeritus of Economics at the University of Chicago. In 1976 he was awarded the Nobel Prize in economics. He has written a number of books, including two with his wife, Rose D. Friedman---the bestselling Free to Choose and Two Lucky People: Memoirs, the latter published by the University of Chicago Press.

Photo by The Friedman Foundation for Educational Choice (RobertHannah89) [CC0], via Wikimedia Commons.

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  1. Essays in Positive Economics by Milton Friedman

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  2. Essays in Positive Economics Milton Friedman First Edition Signed

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  3. Essays in Positive Economics (Phoenix Books) by Milton Friedman

    essays in positive economics

  4. Essays in Positive Economics Milton Friedman First Edition Signed

    essays in positive economics

  5. Positive Economics

    essays in positive economics

  6. Essays in Positive Economics Milton Friedman First Edition

    essays in positive economics

VIDEO

  1. POSITIVE ECONOMICS & NORMATIVE ECONOMICS

  2. Philosophy of Economics V.2 Presentation of Friedman (1953), Sections 3-4

  3. Positive Economics(Regulations)

  4. Positive Economics( Effectiveness and Consequences for Regulations)

  5. # 3 Introduction- Nature of Economics (Positive Economics and Normative Economics) Part-3

  6. Positive Economics VS Normative Economics l सकारात्मक और मानक अर्थशास्त्र l Know the difference

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  1. Essays in Positive Economics

    Essays in Positive Economics. Milton Friedman 's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics." This essay posits Friedman's famous, but controversial, principle (called the F-Twist by Samuelson) that assumptions need not be ...

  2. Essays in Positive Economics

    Milton Friedman. "His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity."—K.E. Boulding, Political Science Quarterly. Economics and Business: Economics--General Theory and ...

  3. Essays in Positive Economics

    Essays in Positive Economics - 24 Hours access EUR €51.00 GBP £44.00 USD $55.00 Rental. This article is also available for rental through DeepDyve. Advertisement. Citations. Views. 5. Altmetric. More metrics information. Metrics. Total Views 5. 0 Pageviews. 5 PDF Downloads. Since 7/1/2019. Month: Total Views: July 2019: 1 ...

  4. Essays in positive economics : Friedman, Milton, 1912-2006 : Free

    Essays in positive economics by Friedman, Milton, 1912-2006. ... The methodology of positive economics -- The Marshallian demand curve -- The "Welfare" effects of an income tax and an excise tax -- The effects of a full-employment policy on economic stability: A formal analysis -- A monetary and fiscal framework for economic stability -- The ...

  5. Essays in Positive Economics (Phoenix Books)

    There are eleven essays in this book, the most famous of which is the "Case for Flexible Exchange Rates" -- an original and profoundly influential idea that Friedman proposed in the 'fifties. But the title of the book mostly reflects the lead essay, "Methodology of Positive Economics" which was and still is the most important for me.

  6. Essays in Positive Economics

    "Stimulating, provocative, often infuriating, but well worth reading."—Peter Newman, Economica "His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity."—K.E. Boulding, Political Science Quarterly "Certainly one of the most ...

  7. Essays in Positive Economics

    Books. Essays in Positive Economics. Milton Friedman. University of Chicago Press, 1953 - Business & Economics - 328 pages. "Stimulating, provocative, often infuriating, but well worth reading."—Peter Newman, Economica "His critical blast blows like a north wind against the more pretentious erections of modern economics.

  8. Essays in Positive Economics

    Essays in Positive Economics. Paperback - August 1, 1956. "His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity."—K.E. Boulding, Political Science Quarterly.

  9. PDF Essays in Positive Economics. By MILTON FRIEDMAN. (Chicago

    The Introduction, which is the title or " keynote " essay, elucidates the Methodology of Positive Economics. After mark-. ing off positive analysis from normative judgments, Professor. Friedman lays down the prime object of positive economics as being the making of more and more accurate predictions. Pro- fessor Friedman then ventures on a ...

  10. Essays in Positive Economics (Phoenix Books)

    Milton Friedman. 194 books1,434 followers. Follow. Milton Friedman was an American Nobel Laureate economist and public intellectual. He made major contributions to the fields of economics and statistics. In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory ...

  11. The Methodology of Positive Economics

    Milton Friedman's 1953 essay 'The methodology of positive economics' remains the most cited, influential, and controversial piece of methodological writing in twentieth-century economics. Since its appearance, the essay has shaped the image of economics as a scientific discipline, both within and outside of the academy. At the same time, there ...

  12. PDF The Methodology of Positive Economics

    Milton Friedman's 1953 essay "The methodology of positive econom- ics" remains the most cited, influential, and controversial piece of meth- odologicalwritingintwentieth-centuryeconomics.Sinceitsappearance, the essay has shaped the image of economics as a scientific discipline, both within and outside academia.

  13. Friedman m essays in positive economics

    It is a fascinating story, with deep implications for at least two major historiographic issues: first, the evolution of neoclassical economics, as embodied in one of its most important branches, industrial organization; second, the relationship between the formal results of theoretical economics and their policy implications, in a particular ...

  14. Essays in Positive Economics

    Friedman, Milton, 1966. " Essays in Positive Economics ," University of Chicago Press Economics Books , University of Chicago Press, number 9780226264035, June. "Stimulating, provocative, often infuriating, but well worth reading."—Peter Newman, Economica "His critical blast blows like a north wind against the more pretentious erections of ...

  15. Essays in Positive Economics

    Essays in Positive Economics. M. Friedman. Published 1 March 1954. Economics. "Stimulating, provocative, often infuriating, but well worth reading."—Peter Newman, Economica "His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and ...

  16. PDF I. the Relation Between Positive and Normative Economics

    Normative economics and the art of economics, on the other hand, cannot be independent of positive economics. Any policy conclusion necessarily rests on a prediction about the consequences of doing one thing rather than another, a prediction that must be based - implicitly or explicitly - on positive economics.

  17. Essays in positive economics by Milton Friedman

    03. Essays in Positive Economics (Phoenix Books) August 15, 1966, University Of Chicago Press. Paperback in English - New Ed edition. 0226264033 9780226264035.

  18. essays in positive economics : milton friedman : Free Download, Borrow

    essays in positive economics by milton friedman. Publication date 1953 Collection inlibrary; printdisabled; internetarchivebooks Contributor Internet Archive Language English. Access-restricted-item true Addeddate 2022-10-26 18:03:49 Autocrop_version ..14_books-20220331-.2 Bookplateleaf 0006 Boxid IA40753109

  19. Essays in positive economics. -- : Friedman, Milton, 1912- : Free

    Essays in positive economics. --by Friedman, Milton, 1912-Publication date 1962 Topics Economics Publisher Chicago : University of Chicago Press Collection inlibrary; printdisabled; trent_university; internetarchivebooks Contributor Internet Archive Language English. v, 328 p. :

  20. AI and Productivity Growth: Evidence from Previous Technologies

    Productivity growth is an important measure of economic well-being. With higher productivity, an economy produces more output for the same amount of input—for example, hours worked. This results in higher standards of living through a wide range of positive outcomes for the economy, such as higher compensation and higher tax revenue.

  21. Essays in positive economics. by Milton Friedman

    Essays in Positive Economics (Phoenix Books) August 15, 1966, University Of Chicago Press. Paperback in English - New Ed edition. 0226264033 9780226264035. cccc. Borrow Listen. Libraries near you: WorldCat. 05. Essays in positive economics.

  22. Essays in positive economics : Friedman, Milton, 1912-2006 : Free

    The methodology of positive economics -- The Marshallian demand curve -- The "Welfare" effects of an income tax and an excise tax -- The effects of a full-employment policy on economic stability: A formal analysis -- A monetary and fiscal framework for economic stability -- The case for flexible exchange rates -- Commodity-reserve currency -- Discussion of the inflationary gap -- Comments on ...

  23. Opinion

    Guest Essay. I'm an Economist. Don't Worry. Be Happy. April 2, 2024. ... Justin Wolfers is a professor of economics and public policy at the University of Michigan and a host of the "Think ...

  24. PDF The Methodology of Positive Economics*

    "The Methodology of Positive Economics" In Essays In Positive Economics (Chicago: Univ. of Chicago Press, 1966), pp. 3-16, 30-43. The Methodology of Positive Economics* In his admirable book on The Scope and Method of Political Economy, John Neville Keynes distinguishes among "a positive science . . . a body of systematized knowledge concerning ...

  25. Central banks have spent down their credibility

    Central banks have spent down their credibility. N ot long ago the rich world was braced for a costly battle with inflation. Today it can seem as if the war has been won bloodlessly. In most rich ...

  26. Essays in Positive Economics: Friedman, Milton: Amazon.com: Books

    There are eleven essays in this book, the most famous of which is the "Case for Flexible Exchange Rates" -- an original and profoundly influential idea that Friedman proposed in the 'fifties. But the title of the book mostly reflects the lead essay, "Methodology of Positive Economics" which was and still is the most important for me.