Free to Choose Audio CD – Unabridged, 1 July 2007

Friedman’s book written to highlight the wonders of free markets is an utopian world. The theoretical assumptions of the existence of an equilibrium for competitive markets relay on very sensitive assumptions that are easily broken in any market economy (see Arrow and Debreu (1954), Econometrica, for all the mathematical assumptions that are needed to reach Adam Smith’s invisible hand or the First Theorem of Welfare Economics. An unrealistic assumption on how initial endowment is distributed is key but not understood by Friedman, which is key in the mathematical proof of the invisible hand).The assumption on maximisation of profits by shareholders as a key principle for the power of the market is very fragile assumption on general equilibrium in addition with the initial endowment of individuals, something that Friedman hardly understood and underestimated (see Friedman’s interview on general equilibrium youtube). Its implications on inequality and climate change (e.g. externalities) are massive.A totally better approach and reading from someone who really understood economics in an objective way is The Limits of Organizations (1974) by Kenneth J. Arrow.

This book is not difficult to read and its arguments are practical sounding and convincing. Economics and economists seem to exist either side of a political divide or, at least, between those who are wholeheartedly capitalist and those who are not. Milton Friedman is unashamedly of the former persuasion and he makes the case well, but not without including a social dimension that many could do well to examine; that is, without wealth and wealth creation, there can be no welfare that does anybody any good; you've got to make the money before you can spend it - however it is that you choose to do so, which is a political question. Friedman makes this case well, but also is quite clear that the role of Government is necessary to help keep a balance between greed and need. As he sees it, Government performs an essential role, but it should not try to act like a wealth creator, simply because it is both inefficient and inexpert in this role. His arguments are difficult to counter and one soon realises that his argument is valid and, essentially, practical. We could all benefit, as a nation, if we had a better grasp of economics and this book could well be a standard by which we receive that education: excellent book!

A great book of its time and still an important read today.

After watching a Youtube clip of Friedman on the 4 ways to spend money I was intrigued by his arguments. this takes it a step further. As someone who has always been fairly economically illiterate I thought it was high time I confronted this 'deficit' in my wisdom.Simple ideas that mostly stand the test of time

Obviously a great book, especially for an entry level into free market thinking. If this book was mandatory to read in schools democracy would work :D Though you can get free audio tapes around the internet a lot of the time you will want to reread some pages, in which case a book works better.

An ideal book, understandable by all on economics and freedom

Correct product delivered promptly

I was lucky enough to get a copy signed by both Milton & Rose Friedman, and the book was still in perfect condition (seemingly never opened).