Free to Choose by Friedman: Economic Theory Book Review

Introduction

This paper reviews Free to Choose: A Personal Statement by Milton and Rose Friedman. Specifically, it identifies the school of economic thought the authors represent and offers 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 it remains a standard text in economic and political thought today. It is a fascinating look into economic theory and a must-read for anyone who wants to learn more about the free-market economy.

Monetarist and Free-Market Philosophy

The Friedmans are clearly of the monetarist school of thought, but they advocate a "less is more" form of government, arguing that this approach allows money to be used more effectively. They advocate a free-market economy and take care to explain why planned or controlled economies fail. The Friedmans are staunch capitalists and do not adhere to socialist economic theory. Ultimately, the book equates economic freedom with political freedom, and the authors argue that "less is more" applies to all forms of government — that people should be free to choose whatever they want, regardless of whether it is good or bad for them, because they should have the right to choose for themselves.

This freedom, the Friedmans argue, was guaranteed in the Constitution and should be even more prominent today. The authors demonstrate the dangers of big government and offer compelling reasons why the most successful governments remain small and branch out locally, rather than consolidating into one all-powerful "Big Brother."

Accessibility and Writing Style

Surprisingly, the book is very easy to read, even though it deals with complex economic and political issues. The authors clearly intended for non-specialists to be able to read and understand the book, and this shows in the language and explanations throughout. 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 its underlying economic theory. The authors use everyday examples, such as "investment in a newly formed small business," to make economic processes more accessible to anyone familiar with modern business. This is one of the qualities that makes the book so readable and engaging, even for someone who might not ordinarily be interested in economic theory and practice.

Conclusion

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 Friedmans themselves was equally rewarding, as they come across as genuinely thoughtful people with revolutionary ideas. Friedman has been called the "Economist of the Century" (The Washington Times), and it is easy to see why from this book. That it endures nearly 24 years after it was first written is testament to its importance. It is enjoyable to read and accessible even to those unfamiliar with economic theory. Reading it more than once is certainly worthwhile, and deeper understanding would likely come with each additional reading.