The reading assignments for the two-quarter core price theory sequence taught by Milton Friedman in 1948 have been posted earlier. This post gives the reading assignments with open and gated links where available (some of the papers are only available at the gated jstor.org) for the same sequence ten years later. I have put in boldface the 1958 additions to make a comparison with the 1948 version easier. Worth noting: an asterisk designates optional and not required reading.
Only one item was dropped from the 1948 reading list:
Meyers, A. L. Elements of Modern Economics, ch 5, 7, 8, 9.
______________________________
September, 1958
ECONOMICS 300 A and B
Reading Assignments by M. Friedman
(Notes:
- It is assumed students are familiar with material equivalent to that contained in George Stigler, Theory of Price, or Kenneth Boulding, Economic Analysis.
- Mimeographed lecture notes on 300A and B summarize the main points covered in the course.
- The American Economic Association Readings in Price Theory contains an excellent selection of articles on our general topic, only a few of which are listed separately below.
- Readings marked with asterisk (*) are recommended, not required.)
KNIGHT, F. H., The Economic Organization, esp. pp. 1-37. HB172.K73.
KEYNES, J. N., The Scope and Method of Political Economy, Ch. I and II, pp. 1-83. HB171.K45.
FRIEDMAN, MILTON, “The Methodology of Positive Economics,” in Essays in Positive Economics.
HAYEK, F.A., “The Use of Knowledge in Society,”American Economic Review, Sept. 1945; reprinted in Individualism and Economic Order. HB1.A6.
MARSHALL, ALFRED, Principles of Economics, Bk III, Ch 2, 3, 4; Bk V, Ch 1,2. HB171.M36.
FRIEDMAN, MILTON, “The Marshallian Demand Curve,” Journal of Political Economy, Dec. 1949. YF6. Reprinted in Essays in Positive Economics.
SCHULTZ, HENRY, The Meaning of Statistical Demand Curves, pp. 1-10. HB201.S398.
WORKING, E. J. “What do Statistical ‘Demand Curves’ Show?”, Quarterly Journal of Economics, XLI (1927), pp. 212-27. HB1.Q3.
KNIGHT, F. H. Risk, Uncertainty, and Profit, Ch 3. HB601.K7. 1940.
*LANGE, O., “On the Determinateness of the Utility Function”, Review of Economic Studies, Vol I (1933-34), pp. 218 ff. HB1.R45.
*ALLEN, R.G.D., “The Nature of Indifference Curves,” Ibid, pp. 110 ff. HB1.R45.
HICKS, J. R., Value and Capital, Part I (pp. 11-52). HB171.H64.
*HICKS, J. R., A Review of Demand Theory.
*SAMUELSON, PAUL, Foundations of Economic Analysis.
*WOLD, H., Demand Analysis. Ch. 1.
*FRIEDMAN, MILTON, A Theory of the Consumption Function.
*STIGLER, G., “The Early History of Empirical Studies of Consumer Behavior”, Journal of Political Economy, April, 1954.
FRIEDMAN, MILTON, “Income and Substitution Effects of a Change in Price”. (Mimeographed). YF4.
*SLUTSKY, EUGEN, “On the Theory of the Budget of the Consumer”. Readings in Price Theory, pp. 27-56.
MOSAK, J. L., “On the Interpretation of the Fundamental Equation in Value Theory”, in Lange, et. al., Studies in Mathematical Economics and Econometrics. HB99.C5.
*WALLIS, W. A., and FRIEDMAN, MILTON, “The Empirical Derivation of Indifference Functions”, in Lange et al, Studies in Mathematical Economics and Econometrics. HB99.C5.
*FRIEDMAN, MILTON and SAVAGE, L. J., “The Utility Analysis of Choices Involving Risk,” Journal of Political Economy, LVI (August 1948) pp. 279-304. HB1.J7. Reprinted in Readings in Price Theory, pp. 57-96. HB99.C5.
___________, “The Expected-Utility Hypothesis and the Measurability of Utility”, Journal of Political Economy, Dec. 1952, pp. 463-474. HB99.C5.
ALCHIAN, ARMEN, “The Meaning of Utility Measurement”, American Economic Review, March 1953, pp. 26-50.
MARSHALL, Book V, Ch 3, 4, 5, 12, Appendix H. HB171.M36.
*ROBINSON, JOAN, Economics of Imperfect Competition, Ch 2. HB201.R65.
CLARK, J. M., The Economics of Overhead Costs, Ch 9. HB201.R65.
*VINER, JACOB, “Cost Curves and Supply Curves”, Zeitschrift fuer Nationaloekonomie, Bd III (Sept, 1931), pp. 23-46. H5.Z55. Reprinted in Readings in Price Theory, pp. 198-232.
APEL, HANS, “Marginal Cost Constancy and Its Implications”, American Economic Review, XXXVIII (Dec. 1948), pp. 870-885.
SMITH, CALEB, “Survey of the Empirical Evidence on the Economies of Scale”, in Business Concentration and Price Policy, pp. 213-30 and Comment by Milton Friedman, pp. 230-38.
CHAMBERLIN, EDWARD, The Theory of Monopolistic Competition, Ch 3, sec. 1, 4, 5, 6; Ch 5. HB201.C44.
*HARROD, R. F. “Doctrines of Imperfect Competition”, Quarterly Journal of Economics, May 1934, sec. 1, pp. 442-61.
STIGLER, G. J., “Monopolistic Competition in Retrospect”, and “Competition in the United States”, in Five Lectures on Economic Problems. HB171.S82.
*TRIFFIN, ROBERT, Monopolistic Competition and General Equilibrium Theory, esp. Part II. HD41.T8 AND H31.H33, v. 67.
HARBERGER, A. C., “Monopoly and Resource Allocation”, Proceedings, American Economic Review(May, 1954).
*ROBINSON, E. A. G., The Structure of Competitive Industry. HO45.R732.
STIGLER, G. J., “The Statistics of Monopoly and Merger”, Journal of Political Economy, February, 1956.
STIGLER, G. J., “The Kinky Oligopoly Demand Curve and Rigid Prices”, in Readings in Price Theory.
*ROBINSON, E. A. G., Monopoly.
*PLANT, ARNOLD, “The Economic Theory Concerning Patents for Inventions,” Economica, Feb, 1934. HB1.E42.
*DENNISON, S. R., “The Problem of Bigness,” Cambridge Journal, Nov. 1947. YO3.
MARSHALL, Book IV, Ch 1, 2, 3; Bk V, Ch 6. HB171.M36.
CLARK, J. B., The Distribution of Wealth, Preface, Ch 1, 7, 8, 11, 12, 13, 23.
MILL, JOHN STUART, Principles of Political Economy, Book II, Ch 14. HB171.M667.
HICKS, J. R., The Theory of Wages, Ch 1-6. HD4909.H63.
SMITH, ADAM, The Wealth of Nations, Bk I, Ch 10. HB161.S652.
MARSHALL, Bk VI, Ch 1-5. HB171.M36.
FRIEDMAN, MILTON and KUZNETS, SIMON, Income from Independent Professional Practice, Preface, pp. v to x; Ch 3, Sec 3, pp. 81-95, Ch 4, Sect 2, pp. 118-137, App, Sec 1 & 3, pp. 142-151, 155-61. HD4965.U6F8.
FRIEDMAN, MILTON, “Choice, Chance, and the Personal Distribution of Income,” Journal of Political Economy, Aug., 1953, pp. 277-90.
KNIGHT, F. H. “Interest” in Encyclopaedia of the Social Sciences, also in Ethics of Competition. HO4965.E46.
KEYNES, J. M., The General Theory of Employment, Interest, and Money, Ch 11-14. HB171.E46.
LERNER, ABBA P., “On the Marginal Product of Capital and the Marginal Efficiency of Investment”, Journal of Political Economy, Feb. 1953, pp. 1-14.
CLOWER, R. W., “Productivity, Thrift, and the Rate of Interest”, Economic Journal, March 1954, pp. 107-15.
WESTON, J. F., “A Generalized Uncertainty Theory of Profit”, American Economic Review, March 1950, pp. 40-60. HB1.A6.
___________, “The Profit Concept and Theory: A Restatement”, Journal of Political Economy, April 1954, pp. 152-170.
CASSELL, GUSTAV, Fundamental Thoughts in Economics, Ch. 1, 2,3. HB179.C283.
___________, The Theory of Social Economy, Ch 4. HB179.C31
HICKS, J. R., “Mr. Keynes and the ‘Classics’; A Suggested Interpretation”, Econometrica, Vol. 5, April 1937, pp. 147-159. HB1.E23, V. 5.
MODIGLIANI, F., “Liquidity Preference and the Theory of Interest and Money,” Econometrica, Vol. 12, No. 1 (Jan. 1944) esp. Part I, Sec. 1-9, Sec 11-17, Part II, Sec 21. HB1.E23, v. 12. Reprinted in American Economic Association, Readings in Monetary Theory, pp. 186-240.
*PIGOU, A. C., “The Classical Stationary State,” Economic Journal, Vol. 53, Dec. 1943, pp. 343-51. HB1.E3, v. 63.
___________, “Economic Progress in a Stable Environment,” Economica, 1947, pp. 180-90. HB1.E42, v. 14. Reprinted in Readings in Monetary Theory, pp. 241-251.
PATINKIN, DON, “Price Flexibility and Full Employment”, American Economic Review, XXXVIII, 4, Sept. 1948, pp. 543-564. YP6. Reprinted in Readings in Monetary Theory, pp. 252-283.
Source: Hoover Institution Archives. Papers of Milton Friedman. Box 77, Folder “1. University of Chicago, Econ 300A & B”.
Image Source: University of Chicago Photographic Archive apf1-06230, Special Collections Research Center, University of Chicago Library