Free to Choose: A Personal

¶ … Free to Choose: A Personal Statement, by Milton and Rose Friedman. Specifically, it will indicate which school of thought the authors are from, and will give a short critique of the book. "Free to Choose" is probably one of the most famous books written on economic theory. PBS created a 10-part documentary in concert with the book, and the book remains a textbook on economic and political thought today.

It is a fascinating look into economic theory, and a must read for anyone who would like to learn more about the free-market economy we live in today. Free to Choose The Friedman's are clearly of the monetary school of thought, but they advocate a "less is more" form of government, thereby utilizing money more effectively. They advocate a free-market economy, and take care to explain just why planned or controlled economies fail. The Friedman's are definitely capitalists, and do not adhere to the socialist economic theory.

Ultimately, the book equates economic freedom with political freedom, and the authors go on to explain their theories that "less is more" in all forms of government, and the people should be free to choose whatever they want, despite whether it is good or bad for them, they should still have the right to choose for themselves. This freedom was guaranteed in the Constitution, and the Friedman's believe it should be even more prevalent today.

The authors show the dangers of big government, and give some compelling reasons why the most successful governments stay small and branch out locally, rather than forming into one giant "Big Brother." Surprisingly, the book is very easy to read, even though it deals with some complex economic and political issues. The authors clearly wanted the nonprofessional to be able to read and understand the book, and it shows in the language and the explanations throughout the book.

For example, they write, "Expenditure on education is a capital investment in a risky enterprise, as it were, like investment in a newly formed small business. The most satisfactory method of financing such enterprises is not through a fixed-dollar loan, but through equity investment - 'buying' a share in the enterprise and receiving as a return a share of the profits" (Friedman and Friedman 184). This concise explanation of educational expenditure is at once simple to understand and yet complex in the underlying economic theory.

The authors use everyday examples, such as "investment in a newly formed small business" to make their economic processes more understandable to anyone who understands modern business, and this is one of the things that makes this book so readable, and so fascinating, even for someone who might not be that interested in economic theory and practice.

The Friedman's support many ideas that would reduce the authority of government in many economic areas, including the "negative income tax, the volunteer army, an improved method of auctioning Treasury securities, the monetary rule for achieving price stability; the voucher system for education, the flat tax, and flexible exchange rates" (Jordan et al. 199).

It is quite amazing to see just how many of these Friedman ideas have made their way into our business and political world, including the volunteer army, the educational voucher system, and flexible exchange rates, to name a few. It is clear the authors are experts on the economy, and that they have some incredible applicable ideas to improve life, freedom, and the government. The book was educational to read for a number of reasons. It clearly explained concepts and ideas, and opened up new areas to explore and discuss.

Reading about the Friedman's themselves.