“THE MOST FAMOUS METHODOLOGICAL PIECE WITHIN 20TH CENTURY ECONOMICS”: THE FIRST PRINTING OF MILTON FRIEDMAN’S “METHODOLOGY OF POSITIVE ECONOMICS”
FRIEDMAN, Milton. Essays in Positive Economics. (Chicago): University of Chicago Press, (1953). Octavo, original blue cloth, original dust jacket.
First edition of the work containing the first appearance of Friedman’s pivotal essay, “Methodology of Positive Economics,” hailed as “the most cited, influential, and controversial piece of methodological writing in 20th-century economics," in very scarce dust jacket.
"The most famous methodological piece within 20th century economics is Milton Friedman's 'Methodology of Positive Economics.' This piece is taken to advocate prediction-ism as the most important goal for and criterion of the success of economic theories" (Eric Schliesser, "The Stigler-Kuhn Correspondence and the Philosophial Prehistory of Prediction in Chicago Economics"). It "remains the most cited, influential, and controversial piece of methodological writing in 20th-century economics. Since its appearance, the essay has shaped the image of economics as a scientific discipline, both within and outside of the academy. At the same time, there has been an ongoing controversy over the proper interpretation and normative evaluation of the essay. Perceptions have been sharply divided, with some viewing economics as a scientific success thanks to its adherence to Friedman's principles, others taking it as a failure for the same reason" (see Uskali Mäki's The Methodology of Positive Economics: Reflections on Milton Friedman's Legacy). Small loss to initial blank likely from excised owner signature.
Book fine; dust jacket with expert restoration.