Free to choose : a personal statement (1980)

This book published in 1979 by a Nobel-Prize-winning economist and his wife is still relevant (and in print) over 30 years later. The Preface tells us the book had "two parents;" Friedman's 1962 book Capitalism and Freedom where he argued free markets make for free societies, and the ten-part 1980 PBS TV series Free to Choose. (The ten episodes of the series are mirrored in the ten chapters of the book.) The book based on the series is "less abstract and more concrete." Having read the first book, I can testify to that, although there is such significant overlap I had a strong sense of déjà vu. But I also think the necessity of putting this material into documentary form helped hone and simplify their arguments. This is an extremely readable book--the New York Times Book Review called it "noteworthy for its clarity, logic, candor and unequivocating stand on political implications." The book "examines specific issues--among others, monetary and fiscal policy, the role of government in education, capitalism and discrimination, and the alleviation of poverty."

Friedman, who like Hayek, another darling of the right, considered himself a liberal, may surprise readers aware of his reputation. The suggestions on policy are thought-provoking and don't necessarily fit with what people think of as conservative orthodoxy. The Friedmans suggest vouchers as a solution for the woes of public education, "equity investment" as one alternative to high-interest student loans for higher education, an "effluent tax" as one way to deter pollution and a "negative income tax" as an alternative to welfare programs. They're thought-provoking to the end, down to their two appendices: Appendix A, the 1928 Socialist Party Platform, almost all of which has become law in America, and Appendix B, a proposal for a U.S. Constitutional Amendment to curb spending. Friedman's ideas still strike me as innovative and fresh. And whatever you might think of those ideas, it's also striking to me how well he and his wife get them across. ( )

Interesting text...I came to the conclusion that Friedman is a good thinker, not a great one, and a poor writer comparatively. But his position and argument are virtually irrefutable, and I make almost an identical case in a slightly different direction in my own book, The Bubble Boys (which was unfortunately savaged by a reviewer who seemed to e furious that such a position could be stated without being writen poorly and thus ignored and disregarded the contents of the book altogether in favor of her wonderful principles; so if you like this book, I could use another review of my own from someone who will do so ethically). Sowell's Knowledge and Decisions is itself based upon his study of and from Friedman, but I also think Sowell is a far better writer and his text is far more persuasive than Friedman's on that level. ( )

A super super book, packed with fantastic insight into how greater personal freedom and smaller government leads to a more prosperous people. Better even than Henry Hazlett's book. which was written some thirty years prior to this one. As this one was written thirty years ago, we must be due for another one soon. Each chapter packed with interesting information which is easy to digest. If only I had read this when it was published - I was studying economics at the time at A level and it could have made a huge impact bringing the syllabus to life. Some highlights would include Jim Callaghan's speach at the labour party conference in 1976 explaining "We used to think that you could spend your way out of resession and increase employment by cutting taxes and boosting government spending. Let me tell you, in all candor, that that option no longer exists; and that insofar as it ever did exist, it only ever worked by injecting ever bigger doses of inflation into the economy followed by higher levels of unemployment as the next step. That is the history of the past twenty years". Haven't we learned anything? ( )

If I had to recommend only one book to any American written by an American, this would be it.
Milton Friedman was an economic genious and a great influencer of world economics. The amazing thing is that he was able to communicate well both to the world of high-minded economic academics as well as to the common American. This book is written for the rest of us.
Many examples are given of the unintended consequences that result from the expansion of government power, even for the best of intentions. He also gives some very good examples of how and why capitalism works.
If you enjoy Ayn Rand's fiction, you will certainly get a lot more (in a much more succinct manner) from Free To Choose. ( )

A very effective conveyance of the meaning of free market economics and its value to the consumer. The opening quote is from Justice Louis Brandeis' opinion in Olmstead v. United States: "Experience should teach us to be most on our guard to protect liberty when the government's purposes are beneficial. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greater dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding."

I like how Friedman shows the numerous restraints and how, individually they seem petty, but in aggregate our quite a net. He mentions that at the time of writing, all cars had to have seat belts but no one was -- yet -- required to wear them. Another idea the Friedman brings out is that socialism has moved from controlling the means of production to controlling the result directly. He also shows how the income tax system is even more regressive than I formerly thought. The social security tax has a cap. Moreover, the poor start working at a younger age, work to an older age, and have a short life expectancy during which to enjoy the same result. No example is more effective to me than that of the railroads and the ICC. The railroads came under regulation because activists saw their monopoly power. Satisfied of the regulation, they moved on to other causes while the railroads put lobbyists and "revolving door" consultants in the regulatory positions. The same cycle appeared with the advent of trucking, leading to solutions like extremely expensive ICC certificates and rate "problems" being solved by raising long-haul to match short-haul rates. ( )