Price Theory By Milton Friedman

Publisher: ENGLISH GENERAL BOOKS

Availability: In Stock
SKU: 47538
Number of Pages: 288

Rs.670.00

Rs.995.00

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Description
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Description

"Price Theory" by Milton Friedman is a seminal work that delves into the fundamental principles of microeconomics, focusing on how prices emerge, adjust, and allocate resources in a market economy. Written by one of the most influential economists of the 20th century, this book provides a rigorous analysis of the behavior of consumers and firms, the impact of market structures, and the role of government in influencing market outcomes. Friedman's clear and accessible writing style, combined with his profound insights, makes this text an essential read for anyone seeking to understand the mechanics of price determination and its critical role in economic theory.

Key Points:

Fundamentals of Microeconomics: Friedman explains the core concepts of microeconomics, including supply and demand, utility maximization, and consumer choice theory, providing a solid foundation for understanding how prices are determined in a market.
Price Mechanism: The book explores the price mechanism's role in coordinating economic activities, illustrating how prices adjust to balance supply and demand, thereby allocating resources efficiently in a market economy.
Market Structures: Different market structures, such as perfect competition, monopoly, and oligopoly, are analyzed in detail, highlighting how they influence pricing strategies and market outcomes.
Role of Government: Friedman discusses the impact of government intervention in markets, examining policies like price controls, taxation, and subsidies, and their effects on efficiency and welfare.
Economic Models and Real-World Applications: The text connects theoretical models with real-world applications, demonstrating how price theory can be used to analyze and predict economic behavior in various contexts, from consumer goods to labor markets.

Conclusion:

"Price Theory" by Milton Friedman remains a cornerstone in the study of economics, offering deep insights into the mechanisms of price formation and market dynamics. By blending theoretical rigor with practical examples, Friedman provides readers with a comprehensive understanding of how prices influence economic decisions and resource allocation. This book continues to be a valuable resource for students, academics, and policymakers interested in the intricate workings of market economies.

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Writer ✤ Milton Friedman

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