First Edition of Milton Friedman's masterpiece A Theory of Consumption Function

  • A Theory of Consumption Function.

A Theory of Consumption Function.


Item Number: 1431

Princeton: Princeton University Press, 1957.

First edition of the economist’s magnum opus. Octavo, original cloth. Fine in near fine dust jacket with some toning to the spine and a few small closed tears.

Milton Friedman's masterpiece of economic theory "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).

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