Hidden Order: The Economics of Everyday Life

An economist and author of Price Theory explains how the fundamental principles of economics can be used to understand marriage, children, crime, war, and other important aspects of modern life. 20,000 first printing.

Friedman's pointed and often witty examples belie his rigorous and thorough discussion of economics. His presentation is vividly illustrated by his ability to anchor complex ideas with concrete representations. Hidden Order helps to analyze media events, criminal behavior, war moves, marketing ploys, etc... Whether discussing the price of popcorn in movie theaters or ways to avoid being mugged in New York City, Friedman offers a "real world" vision of economics that is both accessible and applicable to everyday life.

Be it picking the fastest check-out line at the supermarket or placing your vote for president, economics is always at play. Hidden Order will show you how.

About the Author:

David D. Friedman holds a B.A. in chemistry and physics from Harvard University, and a Ph.D in theoretical physics from the University of Chicago. He is the author of The Machinery of Freedom (1971), regarded as a classic by many Libertarians. He has taught economics at the University of Pennsylvania, VPI, UCLA, Tulane, UC Irvine, University of Chicago, and Santa Clara University. He has also taught law at Chicago, Cornell, and Santa Clara. He continues to teach courses in economics and law despite having never taken a course for credit in either field. David Friedman lives in San Jose, California.

Friedman, son of venerable ``No Free Lunch'' economist Milton, here analyzes the familiar to elucidate economic theory. The author (Santa Clara Univ.; Price Theory, not reviewed, etc.) tackles subjects as diverse as statistics, rent control, and the Mafia in order to illustrate and explain more complex economic theories about how society works. In fact, Friedman suggests that the study of economics is not so much about measuring value with money as it is about measuring value by the choices we make. While this theory seems to assume that all people have a reservoir of free will, Friedman makes an elegant, articulate case that people commonly accept societal restraints and, as a result, make appropriate economic choices. The economics of society as a whole, he points out, come back to the unstated principle of Adam Smith's invisible hand--though no one is in charge, the system continues- -and Friedman reasons that even the simplest item, such as a pencil, owes its existence to the concerted efforts of millions. Friedman frequently invokes the notions of reason and rationality, arguing that people will always choose the more rational plan, be they burglars or buyers of potatoes. While this argument may seem too basic to be entirely convincing, Friedman's distilled analysis and his readable, often entertaining writing make at least the elementary aspects of economic life comprehensible. He cleverly explains the economist's principle of declining marginal value by putting the theory into action in a grocery store, where he shows how choices are made based on what's available, and demonstrates how the desire for a thing drops as the want is filled. Though many of the theories he explains are accompanied by equations, the math is intelligible and the real-life situations--and jokes--make this a good read for even econo-phobes. A surprisingly lucid and useful book, and about as appealing as economics gets. (National radio satellite tour) -- Copyright ©1996, Kirkus Associates, LP. All rights reserved.

Friedman puts the passion back into economics with this unconventional, demanding primer. A professor at Santa Clara University (and son of Nobel laureate economist Milton Friedman), he insists that economics is not primarily about money, but rather about needs, wants, choices, values?an imperfect science predicated on the assumption that people tend to rationally choose the best way to achieve their objectives. Using scores of everyday examples to steer the reader through complex concepts, he discusses consumer preferences, street crime, lotteries, plea bargains in trials, sharecropping, financial speculation, political campaign spending and much else. He demystifies international trade (e.g., there's nothing inherently bad about a trade deficit) and deconstructs the economy as an interacting system all of whose elements are interdependent. A rewarding text for serious readers. Translation and U.K. rights: Writer's Representatives.
Copyright 1996 Reed Business Information, Inc.

Friedman (economics, Santa Clara Univ.) has written what he terms an unconventional presentation of the principles of economics. Using generally lively language, although there are also some dreary stretches of technical jargon, he tries to show how these principles determine the basic elements of the economy, such as prices and values, and how they are involved in explaining spending, saving, and investment behavior. Friedman is a strong supporter of the free-market system as the one that makes the economy work best. The framework of his analysis (not too clearly laid out in the text) is essentially that of the classical economists starting with Adam Smith (1776) as expanded and elaborated by his followers in the 19th and 20th centuries. Modern economic theories, particularly those of John Maynard Keynes, so influential in the post-World War II years, are given short shrift. An optional purchase for public libraries.?Harry Frumerman, formerly with Hunter Coll., New York
Copyright 1996 Reed Business Information, Inc.

This is not your father's textbook nor is it even Friedman's. Son of economics Nobel laureate Milton Friedman, David uses everyday life to illustrate economic principles. In so doing he demonstrates his primary premise that behavior is determined by rationally made economic choices. He argues that economics is based on the "false" but "useful assumption" that "people have reasonably simple objectives and choose the correct means to achieve them." He says it does not matter that, individually, this is not always the case; collectively, the effects of random irrational behavior average out. His use of commonplace occurrences such as choosing a line at the supermarket checkout or agreeing to do the dishes helps make ideas such as price theory and exchange rates more understandable. Though Friedman's montage of examples sometimes overwhelms, both his pedigree and his spirited style will attract interest. David Rouse