Just Curious

The all-time best selling economics textbook.

I recently found a used-book store a block away from where I work (in D.C.). It's a really great place, since one can buy all sorts of classics for a mere $2 per item.

One of the books that I've bought is Dr. Paul Samuelson's "Economics", first pubished in 1955. It's the all time best-seller among econ textbooks, and over 4 millions copies have been sold since its 1955 debut.

Paul was one of the titans who shaped what we now call "mainline (Keynesian?) economics". He was the among the first who came up with the idea that economics should be studied like physics, and it was he who started the mathematical revolution in econ, a discipline that was previously studied in purely philosophical terms (see F.A. Hayek, Ludwig von Mises, Sismondi, Ricardo and Adam Smith).

As a representive of the left-wing of Keynesianism (as well as the second Nobel Laureate in economics and Institute Professor at MIT), Samuelson clearly exercise value judgment in his textbook, unlike most authors today who strive to appear to be impartial. Here's a very interesting passage in which references to Dr. Milton Friedman, one of his critics from the libertaian side of the spectrum, were made:

People of all political pursuations should read Friedman's Capitalism and Freedom. It is a vigorously logical, careful...elucidation of an important point of view. Before you read it, you may ask:
Can a man today seriously be against social security? Against food relief? Farm legislation? Pure food and drug regulation? Compulsory licensing and qualifying of doctors? and of auto drivers?...Public utility and SEC regulation?...Minimum wages?...price and wage controls?...Auto-safety standards? compulsory and free public schooling? Prohibition of heroine sales? ...

And the list of question marks went on. Finally, Dr. Samuelson ended his rather sarcastic mentioning of Friedman with a very interesting note: "Although one may, on reflection, agree with many or few of the positions advanced, it has been well said, "If Milton Friedman had never existed, it would have been necessary to invent him."

posted by James Chang @ 9:33 PM