Milton Friedman: Economics in Theory and Practice

“Although dealing principally with the economic methodology of Milton Friedman, de Marchi and Hirsch also discuss philosophy of science and the scientific method in general. They compare Friedman’s views on methodology with those of other economists, and they examine the consistency with which Friedman has employed his views and methodology in his own work. The importance of this book is attributable to the fact that Friedman has frequently been considered an economic heretic. Classical and neoclassical economics has been highly destructive in its methodology. By contrast, Friedman’s methodology is largely inductive: extensive observation of specific experience is essential in driving good economic theories. The test of a theory lies in how successfully it can be used in making predicitions and how useful it can be to policymakers. Tis volume will undoubtedly be of major interest to economists, graduate students, and even undergraduate majors in economics, and should be a high priority for libraries serving this clientele.”
–Choice

“The merit of this book is its focus on Milton Friedman’s research strategy (“process of inquiry” in the author’s phrase) rather than on the narrower question of how to appraise theories.”
–Journal of Economic Literature