essays on positive economics

Essays in Positive Economics

Milton Friedman

334 pages | 5.25 x 8 | © 1966

Economics and Business: Economics--General Theory and Principles

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• Browse content in A - General Economics and Teaching
• Browse content in A1 - General Economics
• A11 - Role of Economics; Role of Economists; Market for Economists
• A12 - Relation of Economics to Other Disciplines
• Browse content in B - History of Economic Thought, Methodology, and Heterodox Approaches
• Browse content in B4 - Economic Methodology
• B41 - Economic Methodology
• Browse content in C - Mathematical and Quantitative Methods
• Browse content in C1 - Econometric and Statistical Methods and Methodology: General
• C10 - General
• C11 - Bayesian Analysis: General
• C12 - Hypothesis Testing: General
• C13 - Estimation: General
• C14 - Semiparametric and Nonparametric Methods: General
• C18 - Methodological Issues: General
• Browse content in C2 - Single Equation Models; Single Variables
• C22 - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
• C23 - Panel Data Models; Spatio-temporal Models
• C26 - Instrumental Variables (IV) Estimation
• Browse content in C3 - Multiple or Simultaneous Equation Models; Multiple Variables
• C31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
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• C33 - Panel Data Models; Spatio-temporal Models
• C36 - Instrumental Variables (IV) Estimation
• Browse content in C4 - Econometric and Statistical Methods: Special Topics
• C40 - General
• C44 - Operations Research; Statistical Decision Theory
• C45 - Neural Networks and Related Topics
• Browse content in C5 - Econometric Modeling
• C52 - Model Evaluation, Validation, and Selection
• C53 - Forecasting and Prediction Methods; Simulation Methods
• C55 - Large Data Sets: Modeling and Analysis
• Browse content in C6 - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
• C61 - Optimization Techniques; Programming Models; Dynamic Analysis
• C62 - Existence and Stability Conditions of Equilibrium
• C63 - Computational Techniques; Simulation Modeling
• Browse content in C7 - Game Theory and Bargaining Theory
• C70 - General
• C71 - Cooperative Games
• C72 - Noncooperative Games
• C73 - Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
• C78 - Bargaining Theory; Matching Theory
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• C90 - General
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• C93 - Field Experiments
• C99 - Other
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• Browse content in D0 - General
• D00 - General
• D01 - Microeconomic Behavior: Underlying Principles
• D02 - Institutions: Design, Formation, Operations, and Impact
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• D11 - Consumer Economics: Theory
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• D15 - Intertemporal Household Choice: Life Cycle Models and Saving
• D18 - Consumer Protection
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• D21 - Firm Behavior: Theory
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• D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
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• D30 - General
• D31 - Personal Income, Wealth, and Their Distributions
• D33 - Factor Income Distribution
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• D40 - General
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• D78 - Positive Analysis of Policy Formulation and Implementation
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• E37 - Forecasting and Simulation: Models and Applications
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• E43 - Interest Rates: Determination, Term Structure, and Effects
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• F43 - Economic Growth of Open Economies
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• G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• G33 - Bankruptcy; Liquidation
• G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
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• G41 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
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• G51 - Household Saving, Borrowing, Debt, and Wealth
• G53 - Financial Literacy
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• H11 - Structure, Scope, and Performance of Government
• H12 - Crisis Management
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• H21 - Efficiency; Optimal Taxation
• H22 - Incidence
• H23 - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
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• H44 - Publicly Provided Goods: Mixed Markets
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• H51 - Government Expenditures and Health
• H52 - Government Expenditures and Education
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• H54 - Infrastructures; Other Public Investment and Capital Stock
• H55 - Social Security and Public Pensions
• H56 - National Security and War
• H57 - Procurement
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• H62 - Deficit; Surplus
• H63 - Debt; Debt Management; Sovereign Debt
• H68 - Forecasts of Budgets, Deficits, and Debt
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• H72 - State and Local Budget and Expenditures
• H75 - State and Local Government: Health; Education; Welfare; Public Pensions
• H76 - State and Local Government: Other Expenditure Categories
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• I12 - Health Behavior
• I14 - Health and Inequality
• I15 - Health and Economic Development
• I18 - Government Policy; Regulation; Public Health
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• J61 - Geographic Labor Mobility; Immigrant Workers
• J62 - Job, Occupational, and Intergenerational Mobility
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• J64 - Unemployment: Models, Duration, Incidence, and Job Search
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Essays in Positive Economics

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T. W. Hutchison, Essays in Positive Economics, The Economic Journal , Volume 64, Issue 256, 1 December 1954, Pages 796–799, https://doi.org/10.2307/2228046

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""The history of predatory pricing law and economics is peculiar on account of the seemingly inescapable contradiction between the legal habit of condemning a business practice on account of its possible unfair and inefficient effects and the necessity of providing an economic rationale for the condemnation without undermining the essence of competition itself. The apparently rock-solid equation “low price = good price” makes such a rationale neither immediate nor easy to find – and predatory pricing such an interesting issue from the viewpoint of historians of economics. How to circumvent the equation has been the challenge for several of the most brilliant minds of postwar microeconomics, as well as for outstanding law scholars. It is a fascinating story, with deep implications for at least two major historiographic issues: first, the evolution of neoclassical economics, as embodied in one of its most important branches, industrial organization; second, the relationship between the formal results of theoretical economics and their policy implications, in a particular their applicability for courtroom litigation. This is the first in a pair of papers dedicated to this story. The division between the two works is strictly chronological: the present paper covers the period from the 1950s to about 1980, that is to say, until the verge of the game-theoretic revolution in industrial organization; the other will focus on the period 1980–2000, covering the above-mentioned revolution and its relationship with a couple of remarkable Supreme Court’s decisions on predatory pricing. The main thesis of the two works is that the traditional dichotomy between alternative legal standards, those based on “stories” and those based on “rules”, may prove useful in interpreting the evolution of economists’ thought about predatory pricing and, more generally, in explaining under what conditions a theoretical statement may have an effective policy impact, especially in courtrooms.""

David Haddock , Fred McChesney

Robert E. Hall

SSRN Electronic Journal

Gregory Sidak

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Bruce Benson

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Exploring The Unexplored: Women In Economics

If you educate a man, you educate an individual. But if you educate a woman, you educate a nation . African proverb

In today’s time, women have been achieving milestones in all fields, from science and technology to entrepreneurship and have proven that women are no less than men and are at an equal par with them. Economics is a branch of social science which deals with the study of allocation of resources (society) and the financial decisions of people.

This gender gap, however,shouldn’t allow the questioning of the credibility of work done by female economists.

It is a booming and prospective domain. However, things don’t seem great within the discipline. The widening gender gap in economics is a worrying issue. It is clearly evident with few women pursuing economics as a career and only 3 women receiving the Nobel Prize in economic sciences as of now.

This gender gap, however,shouldn’t allow the questioning of the credibility of work done by female economists. There are some pioneers who have made marvellous contributions to not only the economic studies field in India but also across the globe. Here is our chance to appreciate them.

Let us remember and appreciate three Indian women economists who have made noteworthy contributions which went unnoticed. 

Devaki Jain

Devaki Jain is an Indian economist and writer whose expertise lies in feminist economics. She graduated from Mysore University with triple gold medals and then went on to study at Oxford. She had taught economics in Delhi University until 1969.

Her work and life has largely been influenced by Gandhian Philosophy and is in line with it. Her academic research has focused on issues of equity, democratic decentralisation, people-centred development, and women’s rights. 

She had introduced the term ‘ feminisation of poverty ’ which was used to describe three elements: women have higher incidence of poverty, the poverty they face is more severe than the poverty experienced by men and there has been a trend towards greater poverty among women, associated with rising rates of female-led households. According to her, feminisation indicates devaluation of women’s increased presence and ‘ feminisation of work ’ connotes low-quality, lowly-paid work. 

She was the editor of Indian Women and wrote Women, Development, and the UN: A Sixty-Year Quest for Equality and Justice . She shows how women’s contributions have changed and shaped developments and practices at the UN.

She is the founder of the Institute of Social Studies Trust where she was the director till 1994 and has been a member of an advisory panel in UNDP. She was awarded the Padma Bhushan, the third-highest civilian award for contributing to women empowerment and social justice in 2006. 

Her work in feminist economics continues to set an example and inspire many women across India and globe.

Isher Judge Ahluwalia

Isher Judge Ahluwalia was an Indian economist, public policy researcher, and professor. She completed her PhD from MIT focusing on the macroeconomy and productivity from 1951-1973 as a part of her thesis.

Isher Judge Ahluwalia was an Indian economist, public policy researcher, and professor.

Her research focused on urban development, industrial development, macro-economic reforms, and social sector development issues in India. She started her career at IMF as policy economist and was a professor at CPR – Centre for Policy Research.

Later on, she became the Chairperson Emeritus, Board of Governors, at the Indian Council for Research on International Economic Relations (ICRIER). She had also served as the chairperson of the board of the International Food Policy Research Institute, and the chairperson of the Government of India’s High-Powered Committee on Urban Infrastructure Services. She was awarded India’s third highest civilian award, the Padma Bhushan, in 2009.

As an author her works spanned public policy, urban infrastructure, and sustainable urbanisation, including challenges in delivery of clean drinking water and solid waste management.

She wrote two books Industrial Growth in India: Stagnation since the Mid Sixties , and Productivity and Growth in Indian Manufacturing between 1989 and 1991. Her most recent book prior to her death was a memoir titled Breaking Through published in 2020 which was a reflection on her career in the economics and public policy management space.

She wrote two books Industrial Growth in India: Stagnation since the Mid Sixties , and Productivity and Growth in Indian Manufacturing between 1989 and 1991

Her work in the public policy domain is seen as a pathway towards progressive India and a breakthrough in the economic sciences.

Krishna Bharadwaj

Krishna Bharadwaj was an Indian Neo-Ricardian economist mainly known for her contributions to the economic development theory and the revival of the ideas of classical economics. She believed that economic theory should be based on concepts which can be observed and be amenable to measurement in reality.

She completed her bachelors and masters from Ruia College, Mumbai and PhD in transport economics from the same college. Her critical orientation towards Economic Theory began with her involvement in development theory as a doctoral student. Her research focused on development theory and classical economics.

In 1960, Piero Sraffa’s Production of Commodities by Means of Commodities was published. Bharadwaj was asked by the then editor Sachin Chaudhuri of the Economic Weekly to review the book. She solved this task in a marvellous manner, which then formed the prelude to her further scientific work.

In 1961, She joined the Center for International Studies to work on problems of planning and development with critical perceptions. Later, In 1967, she went to Cambridge as a visiting fellow and came under the influence of Piero Sraffa and went on to become one of his closest disciples. She had promoted the teaching of different economic approaches in the Centre for Economic Studies and Planning (CESP) at JNU which were classical, Marxian, Keynesian as well as Walrasian Economics. She held the Chair of Economics at the university.

In 1960, Piero Sraffa’s Production of Commodities by Means of Commodities was published. Bharadwaj was asked by the then editor Sachin Chaudhuri of the Economic Weekly to review the book.

She was the editor of the collected papers of economist Piero Sraffa at Cambridge University in England. She contributed to numerous journals and forums and is well known as a leading light among development economists. Even today,she is credited for being the main pioneer in the field of development and classical economics and is a beacon of inspiration for many new-gen economists across the globe.

To conclude, these economists have impacted not just India but also changed the global landscape of the economic world. There is an emergence of new-gen economists who are making an impact on society but the number of economists is still insufficient for the change needed in today’s world. Hence,we need to encourage women to choose economics as a career and break the barriers of the societal wall so that the gender gap can be reduced and significant change is brought to both the discipline and the global economy.

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Chinese President Xi Jinping called for closer trade ties with the U.S. during a meeting on Wednesday with top American business leaders in Beijing that came amid a steady improvement in relations that had sunk to the lowest level in years.

Xi emphasized the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. tariffs on Chinese imports and Washington’s accusations of undue Communist Party influence, unfair trade barriers and theft of intellectual property.

China’s economy has struggled to recover from severe self-imposed restrictions during the COVID-19 pandemic that it lifted only at the end of 2022. But Xi said that China was again contributing to world economic growth in the double digits, percentage-wise.

“Sino-U.S. relations are one of the most important bilateral relations in the world,” Xi was cited as saying by China’s official Xinhua News Agency. “Whether China and the United States cooperate or confront each other has a bearing on the well-being of the two peoples and the future and destiny of mankind.”

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Biden and Xi, meeting in Silicon Valley, promise to work to avoid U.S.-China conflict

Biden sought to smooth over tensions with China’s Xi, who said conflict with the U.S. has ‘unbearable consequences’ for both countries.

Nov. 15, 2023

Participants at the meeting included Stephen A. Schwarzman, the billionaire head of investment firm Blackstone.

Trade and tariffs have increasingly drawn attention in the run-up to the U.S. presidential election, and the Biden administration has shown little sign of moderating punitive measures against Chinese imports imposed by his predecessor and presumed opponent in the November election, Donald Trump.

U.S. officials have renewed concerns over Chinese industrial policy practices and overcapacity, and the resulting effect on U.S. workers and companies, that they blame in part on China’s massive trade surplus that amounted to more than $279 billion last year, its lowest level in about a decade.

Following the meeting, the U.S.-China Business Council said in a statement that it was honored to have a dialogue with the country’s top leader to “discuss our concerns over the decline in trade, investment, and business confidence, as well as our desire to help improve engagement and commercial exchange between our two countries.”

Shift in China-U.S. trade is hurting California, helping Texas

Americans are now importing more from Mexico than China. That means more goods are coming by truck through Texas, and less cargo enters the Southland’s ports.

March 7, 2024

“We stressed the importance of rebalancing China’s economy by increasing consumption there and encouraged the government to further address longstanding concerns with cross-border data flows, government procurement, better protection of intellectual property rights, and improved regulatory transparency and predictability,” the Washington-based council said. Its president, Craig Allen, was among the guests who met with Xi.

China’s economy has been bogged down by a crisis in its real estate market in which builders are struggling under mountains of debt and buyers are paying off loans on apartments that may never be completed. Other issues, such as an aging population and high youth unemployment, are prompting China’s leaders to lean more heavily on boosting export manufacturing to make up for weak demand at home.

At the same time, scores of foreign firms, including Apple, rely on China-based manufacturers as key links in their supply chains, along with the country’s 1.3 billion consumers for a high percentage of their global sales.

China’s July exports tumble by double digits, adding to pressure on economy

China’s exports tumbled by double digits in July, adding to pressure on the ruling Communist Party to reverse an economic slump.

Aug. 8, 2023

China’s highly abrasive tone toward the U.S. has softened in recent months, particularly since Xi and Biden met in San Francisco in November. Officials such as U.S. Secretary of State Antony J. Blinken have visited, and Treasury Secretary Janet Yellen is reportedly due to to travel to China again to meet top leaders next month.

But Xi’s administration has maintained a hard line on issues it considers its “core interests.” Those include its claims to virtually the entire South China Sea, the self-governing island democracy of Taiwan — a close American ally — and its heavy-handed rule of outlying regions such as Hong Kong, Tibet and Xinjiang.

An ardent nationalist and son of one of the founders of the People’s Republic, Xi appears determined to maintain strict party control while drawing in foreign investment to shore up the economy.

“The respective successes of China and the United States create opportunities for each other,” Xi was quoted as saying by Xinhua. “As long as both sides regard the other as partners, respect each other, peacefully coexist and join together for win-win results, China-U.S. relations will improve.”

More to Read

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March 13, 2024

Mexico overtakes China as the leading source of goods imported to U.S.

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Nov. 19, 2023

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Department of Economics

• Undergraduate

How to Write a Thank You Email After an Interview

Article written by Christopher Littlefield for  Harvard Business Review 

You’ve just finished  an interview  for a job opportunity you’re really excited about. You know you should send a thank you note to your interviewers, but you’re not sure what to write. How much detail should you include? Should you send an email to every person you interviewed with? And what’s really  the best way to follow up ?

Here’s some advice on what to say — and not to say — in your message, along with sample email templates. I’ll also cover why writing a thank you note is something you should do, even if it feels like a formality. Let’s start with what to write in your note.

How to Write a Thank You Email

Your email should be short, sincere, and sent within 24 hours of your interview.

1. Address the email to the person who interviewed you and make sure you spell their name correctly. If their name is Christopher and they asked you to call them Chris in the interview, address them as such in your follow-up. If you interviewed with multiple people, it’s a good practice to send each person a brief message as well.

2. Thank the person for their time and consideration.

3. Briefly highlight your draw to the organization. David Lancefield, a former partner at PwC and now CEO coach, suggests that candidates “call out an aspect of the conversation that was particularly interesting or share a helpful hook to help them remember what you spoke about.”

4. Express your continued interest in the job opportunity.

5. Offer to answer any questions.

Lourdes Olvera-Marshall, who teaches networking and career management courses at NYU, recommends jotting down quick notes when you’re interviewing. Write down your interviewer’s name, what you discuss, and a few key words to trigger your memory, so you can make your follow-up message more meaningful. As she told me, “The thank you note starts during the interview.”

What to Avoid in Your Thank You Email 

If you don’t want to leave the interviewers with a bad impression, avoid these three common mistakes.

Adding too much detail

Remember that the intention of the message is to say thank you, not to pick up where your interview left off. “Your follow-up is not the place to add all the things you wish you had highlighted in your interview,” Olvera-Marshall warns. When you do, you run the risk of appearing desperate or like you weren’t prepared for the interview.

Making requests

People are busy. Avoid requesting anything that creates additional work. You want to show your interviewer that you’re easy to work with.

And of course, don’t forget to review your email for grammar and spelling before sending. This is an example of your communication.

Sample Thank You Email Templates

Use the samples below to get started, but make sure you customize them to fit your needs.

Subject: Thank you

It was great speaking with you yesterday about being a possible fit for your team. I appreciate the transparency into the project you are working on and what it is like working at [company name]. It seems like an amazing team and an exciting project with huge potential. I am excited about the possibility of working with you. If you have any questions or want to continue our conversation, please reach out at any time.

I look forward to being in touch.

All the best,

Thank you for taking the time to meet with me today and sharing some of the innovative work you and your team are doing to support your clients.

From our conversation, I understand that the pace is fast, the work is top-notch, and as hard as you work, you all have a great time doing it together. People’s passion for their work was tangible and the sense of community was amazing.

I also understand you are looking for a person who can hit the ground running, does not need hand-holding, and is fun to work with. I am confident I am that person.

If you have any questions or want to continue our conversation, please feel free to reach out at any time.

Dear Mr. Cassidy,

I want to thank you for taking the time to meet with me today to discuss the financial planner position at Cascade Associates. I appreciate you sharing the history behind your family business and that you care for every customer as if they were your own family.

From our conversation, I understand that maintaining the legacy of top-notch service is your priority, and you are looking for planners who want to continue that legacy for years to come. As I shared, I have a young family of my own, and I am looking to put down roots with an organization that I can be proud to work for. I am excited about the possibility of joining your team.

Why Is It Important to Send a Thank You Note?

Beyond it being a nice gesture, there are multiple benefits to sending a follow-up message after an interview.

It creates a positive connection with the interviewer(s).

No matter how well your interview went, many hiring managers squeeze multiple interviews into their busy schedules. A thoughtful message helps you leave a lasting positive impression after the interview is over.

It helps you stand out from the crowd.

Investing the time to send a thank you increases your chances of standing out from other applicants. One  study  found that only one out of four candidates sent thank you messages after their interviews, yet 80% of HR managers said those messages were helpful when reviewing candidates.

It’s an opportunity to demonstrate your professionalism and people skills.

It’s one thing to tell an interviewer you’re detail-oriented and work well with others — it’s another to show them. A well-crafted and timed thank you message illustrates your follow-up, your ability to capture the meeting’s essence in writing, and that you understand the importance of expressing your appreciation for others.

It confirms your interest in the job. 

Hiring managers understand that candidates may be interviewing for multiple jobs at the same time. Busy themselves, leaders don’t want to invest time in a candidate who is not invested in the role they’re hiring for. A thank you message confirms that you’re both interested and  excited about the role  and worth following with.

You may send your message and get a response in minutes, or you may never hear back at all. Either way, investing 15 minutes to express your appreciation may be the difference between getting the job or getting lost in the crowd.

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Essays in Positive Economics Hardcover – Import, January 1, 1953

• Print length 328 pages
• Language English
• Publisher The University of Chicago Press
• Publication date January 1, 1953
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• ASIN ‏ : ‎ B0000CIQ5E
• Publisher ‏ : ‎ The University of Chicago Press; First Edition (January 1, 1953)
• Language ‏ : ‎ English
• Hardcover ‏ : ‎ 328 pages
• Item Weight ‏ : ‎ 1.75 pounds
• #15,576 in Economic Conditions (Books)

About the author

Milton friedman.

Milton Friedman is a senior research fellow at the Hoover Institution, Stanford University, and the Paul Snowden Distinguished Service Professor Emeritus of Economics at the University of Chicago. In 1976 he was awarded the Nobel Prize in economics. He has written a number of books, including two with his wife, Rose D. Friedman---the bestselling Free to Choose and Two Lucky People: Memoirs, the latter published by the University of Chicago Press.

Photo by The Friedman Foundation for Educational Choice (RobertHannah89) [CC0], via Wikimedia Commons.

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