One of the most influential economists of the twentieth century, American economist Milton Friedman received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. His work is so significant that it is now required reading for any student of economic and political theory. Born July 31st, 1912 in Brooklyn as a first-generation United States citizen, Friedman excelled in mathematics and decided to devote his education to economics.

First edition of Milton Friedman’s classic text on price theory used at the University of Chicago; signed by him

Friedman’s works cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only John Maynard Keynes. Upon his death, The Economist described him as “the most influential economist of the second half of the 20th century … possibly of all of it.”

First edition of one of Friedman’s most popular works.

Friedman’s first published work A Theory of the Consumption Function “reinterpreted that Keynesian concept of the consumption function by relating it to lifetime instead of current income. For its ingenious manipulation of data and its reconciliation of apparently conflicting evidence, this book must rank as one of the masterpiece of modern econometrics” (Blaug, 63). “Milton Friedman offered conservative answers to the great questions of economics, at the same time challenging economic thought since Keynes. In this book, Friedman disputes Keynes’ idea that aggregate spending and income are directly linked (and therefore open to government influence). Rather, he writes, consumer spend independent of government policy, based on their expected long-term, or ‘permanent’ income. In all his writing, Friedman embraces a laissez-faire approach that celebrates individual freedom. He sees the ideal role for government as ‘umpire’, not ‘parent’ (NYPL Books of the Century 144).

One page signed and hand-corrected manuscript entirely in the hand of Nobel Prize-winning economist Milton Friedman discussing Keynes’ The General Theory.

Milton Friedman and John Maynard Keynes created macroeconomic theories that continue to directly impact fiscal and monetary policies. Ranking with Malthus’ Essay on Population as a guide for public policy, Keynes’ General Theory expounded on the necessity of of government expenditures and net exports in economic improvement. Developed as a direct criticism of Keynesian economics, Friedman’s monetarist economics stressed the importance of monetary policy in the maintenance of a healthy economy. Friedman received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.

First edition of Friedman’s magnum opus.

As a laissez-faire economist, Friedman was one of the leading modern exponents of liberalism in the 19th-century European sense. In Capitalism and Freedom, Friedman argues for a negative income tax, or guaranteed income, to supersede centralized, bureaucratized social welfare services, which in his view are inimical to the traditional values of individualism and useful work” (Britannica). Selected by the Times Literary Supplement as one of the “hundred most influential books since the war,” Capitalism and Freedom’s reputation is almost incalculable. It also placed tenth on the list of the 100 best non-fiction books of the twentieth century compiled by National Review and on Time Magazine’s top 100 non-fiction books written in English since 1923.

First edition of the Nobel Prize-winning economist’s classic work.

Essays in Positive Economics contains several of Milton Friedman’s classic articles, including The Methodology of Positive Economics and The Case For Flexible Exchange Rates. “Certainly one of the most engrossing volumes that has appeared recently in economic theory” (William J. Baumol, Review of Economics and Statistics).

First edition of this work which analyzes the Reagan Administration, inscribed by Milton Friedman and signed by his wife and co-author Rose.

Milton Friedman also published works in collaboration with his wife and fellow economist Rose Friedman. In The Tyranny of the Status Quo, The Friedmans’ describe the ”tyranny of the status quo” as a political inertia characterized by ”an iron triangle of beneficiaries, politicians, and bureaucrats.” It amounts to a democratic version of European conservatism, in which special interests strive to maintain positions of privilege.

First edition of Friedman’s persuasive argument for the free market: Free To Choose; signed by him

In addition to the works featured above, our collection currently includes a signed photograph of Friedman himself. Browse all of the works related to Milton Friedman currently in our collection here.