Two Lucky People: Memoirs

by Milton Friedman, Rose D. Friedman

In Two Lucky People , Rose and Milton Friedman provide a memorable and lively account of their lives, the people they knew, and the work they shared. Their involvement with world leaders and many of this century's most important public policy issues moves their memoir beyond the merely personal and makes fascinating reading for anyone interested in the history of twentieth-century ideas.

"The Friedmans come across as the last Enlightenment thinkers in a post-modern world. . . . This is a book that restores your faith in reasoned discourse. . . . There really are people who believe in scholarly exchange as a way to discover truth."—David Brooks, New York Times Book Review

"The Friedmans are a feisty couple, who clearly delight in their lives and each other. And shining through their reticence, and their conservatism, is a decency that even liberals will recognize."—Milton and Judith Viorst, Washington Post Book World

"This engaging book recounts the life and contributions of one of America's most influential writers and economists in the second half of the twentieth century. And her husband's no slouch either. . . . An indispensable guide through the evolution of economic thought."—Stephen Moore, National Review

"A thought-provoking book and one rich in history, the personal history of the Friedmans . . . and the cultural and political history of our country."—Steve Huntley, Chicago Sun-Times Books

"[ Two Lucky People ] is almost like a letter from a couple of old friends—a couple of old friends who had a long, compelling intellectual journey, came to know some of the great world leaders of this century, and had 60 years of happy, supportive marriage."—N. Gregory Mankiw, Fortune

"A rich autobiographical and historical panorama."—William P. Kucewicz, Wall Street Journal

Genres: Biography, Economics, Nonfiction, Memoir, History, Philosophy

667 pages, Paperback

First published January 1, 1998

About the author

Milton Friedman was an American economist who became one of the most influential and controversial figures of the twentieth century, widely recognized for his profound contributions to monetary economics, consumption theory, and the defense of classical liberalism. A leading figure of the Chicago School of Economics, Friedman challenged the prevailing Keynesian consensus that dominated mid-century policy and instead placed monetary policy at the center of economic stability, arguing that changes in the money supply were the primary drivers of inflation and fluctuations in output. His groundbreaking permanent income hypothesis reshaped the study of consumer behavior by suggesting that individuals make spending decisions based on long-term expected income rather than current earnings, a theory that profoundly influenced both academic research and practical policymaking. Alongside Anna Schwartz, Friedman coauthored A Monetary History of the United States, 1867–1960, a monumental work that emphasized the role of Federal Reserve mismanagement in deepening the Great Depression, a thesis that redefined historical understanding of the period and helped establish monetarism as a major school of thought. His broader philosophy was articulated in works such as Capitalism and Freedom, where he argued that political and economic liberty are interdependent and advanced ideas like educational vouchers, voluntary military service, deregulation, floating exchange rates, and the negative income tax, each reflecting his conviction that society functions best when individuals are free to choose. Together with his wife Rose Friedman, he later brought these ideas to a global audience through the bestselling book and television series Free to Choose, which made complex economic principles accessible to millions and expanded his influence beyond academia. Awarded the Nobel Prize in Economic Sciences in 1976 for his achievements in consumption analysis, monetary history, and stabilization policy, Friedman became a prominent public intellectual, sought after by policymakers and leaders around the world. His ideas strongly influenced U.S. policy in the late twentieth century, particularly during the administration of Ronald Reagan, and found resonance in the economic reforms of Margaret Thatcher in the United Kingdom, both of whom embraced aspects of his prescriptions for free markets and limited government intervention. Friedman’s policy recommendations consistently opposed measures he regarded as distortions of market efficiency, including rent control, agricultural subsidies, and occupational licensing, while he proposed alternatives such as direct cash transfers through a negative income tax to replace complex welfare bureaucracies. His teaching career at the University of Chicago shaped generations of economists, many of whom extended his research and helped institutionalize the Chicago School as a major force in global economic thought, while his later role at the Hoover Institution at Stanford University provided him with a platform to continue his scholarship and public advocacy. Beyond technical economics, Friedman’s clarity of expression and ability to frame debates in terms of individual freedom versus state control made him one of the most recognizable intellectuals of his era, admired by supporters for his defense of personal liberty and market efficiency, and criticized by detractors who accused him of underestimating inequality, social costs, and the complexities of government responsibility. Despite the controversies, his impact on the development of modern economics was immense, reshaping debates about inflation, unemployment, fiscal policy, and the role of the central bank. His writings, lectures, and media appearances consistently reinforced his belief that competitive markets, voluntary exchange, and limited government intervention offer the most effective means of promoting prosperit

Reviews

[Tisha (IG: Bluestocking629) · Rating 4 out of 5]

Let’s face it, at 589 pages (not including the appendices) you are not going to be reading this book unless you are a huge fan of Milton Friedman.

If you are a true fan of Milton, let me tell you about this book. You are basically getting two memoirs and so much more, for the price of one.

The first portion will be obvious: Milton on economics. There is a great deal of name dropping, but not in a bad way. Merely in an informative way. What a brilliant man. He really had a handle on it.

The second portion, from Rose, Milton’s loving and beloved wife: was more personal on their long life together (married 68 years!) Rose also spoke of her career which was fascinating to read. She was after all a female economist in the 1930s and 1940s...

The almost third portion reads like a travelogue. Man alive they went everywhere! I very rarely leave the tri-state area of Philadelphia New Jersey New York. I loved reading about their travels and all the places they lived.

You may feel that reading this book requires a Herculean effort and a major commitment. My recommendation is tackling it the way I did. Reading this alongside of other books. Maybe reading no more than a chapter at a time. And taking your time. I’m truly glad I did.

[Luka · Rating 2 out of 5]

I consider Milton Friedman to be one of my role models but I did not enjoy this book whatsoever. I read 400 pages out of 600 and simply could not take it anymore. Milton and Rose both had without a doubt an interesting life but the book goes on and on about uninteresting details and I am not a fan of the dual narrative structure in which the the book was written in

I really enjoyed their travel stories and was glad that they visited my home country - Yugoslavia at the time, but this 600 page book (hardback, 1000 pages in paperback) could have been condensed into a 200-300 page work of art. On the other hand, Thomas Sowell's biography of c.300 pages was written in such immaculate prose that I finished it in a matter of days, whereas I dragged myself 3 months to finish 400 pages of this book

On a more positive note, I bought this book used on eBay for 3GBP and it came signed by Milton himself!!

[Frederick Hammill · Rating 1 out of 5]

The book left out a lot of crucial details. Skip it and read Wikipedia instead.

[Suzie Quint · Rating 3 out of 5]

This is a hard book to rate. It's a dual autobiography by Milton & Rose Friedman, but it's nothing like the biographies I've read before. Percentage-wise, there's actually little focus on the authors. They lived full and well-traveled lives, so the book has other focuses besides them, such as their views of economics, particularly public sector economics and monetary systems and banking (being an economics junkie, I find that interesting), which leads to their travels. A large portion of the focus is on those travels and their impressions of the countries they visited, which is also interesting. They were fond of Japan and made several trips there. The visited China three times over a long period, so their observations about the changes over time were illuminating. They also describe winning the Nobel Prize in economics and the protests over that and the (thin) connection to the Chilean government and the economic turnaround there.

So... part travelogue, part history lesson, part biography. It doesn't really fit neatly anywhere, but I'm glad I read it.

[Craig Bolton]

Two Lucky People: Memoirs by Milton Friedman (1999)

[Tim Newey · Rating 5 out of 5]

Great book! Very interesting and I thoroughly enjoyed it.

[Jack · Rating 5 out of 5]

A great autobiography and historical document.