This book is Friedman’s seminal work. A Nobel prize-winning economist lays out the classical-liberal principles of negative rights and the supremacy of freedom of choice and then embarks on an epic venture of connecting the principles of freedom to government policy and social well being. He explores monetary and fiscal policy, state-sponsored education, social discrimination, healthcare, and licensure. He also addresses counter-arguments with stunning thoroughness including monopoly and monopsony, social responsibility, and welfare.
My reactions are overwhelmingly positive. The arguments are extraordinarily well reasoned and many of them resonate deeply. I don’t agree with all of his points. I think licensure and corporate responsibility both require a more nuanced view for effective management, but I can appreciate an excellent argument. More importantly, this book ought to be the bible for economic conservatives today. Many of the modern nuanced ideas about free markets originate in this book. If Adam Smith had lived long enough to gather data and create a nuanced view of free markets, this would be it. I think If this had been well published in Russia prior to the soviet union, Marxism-Leninism never would have been tried.
If you hadn’t already gathered, this book is dense as can be. You’ll need some basic econ knowledge and a good grasp of history to get anything out of this. If I say “supply curve, monetary policy, externalities or Cuban revolution” and your eyes glazed over, let me redirect you to the ley version of this book “free to choose
Verdict — Highly recommend