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Milton Friedman: The Last Conservative
The first full biography of America's most renowned economist.
Milton Friedman was, alongside John Maynard Keynes, the most influential economist of the twentieth century. His work was instrumental in the turn toward free markets that defined the 1980s, and his full-throated defenses of capitalism and freedom resonated with audiences around the world. It's no wonder the last decades of the twentieth century have been called "the Age of Friedman"--or that analysts have sought to hold him responsible for both the rising prosperity and the social ills of recent times.
In Milton Friedman, the first full biography to employ archival sources, the historian Jennifer Burns tells Friedman's extraordinary story with the nuance it deserves. She provides lucid and lively context for his groundbreaking work on everything from why dentists earn less than doctors, to the vital importance of the money supply, to inflation and the limits of government planning and stimulus. She traces Friedman's longstanding collaborations with women, including the economist Anna Schwartz, as well as his complex relationships with powerful figures such as Fed Chair Arthur Burns and Treasury Secretary George Shultz, and his direct interventions in policymaking at the highest levels. Most of all, Burns explores Friedman's key role in creating a new economic vision and a modern American conservatism. The result is a revelatory biography of America's first neoliberal--and perhaps its last great conservative.
Milton Friedman was, alongside John Maynard Keynes, the most influential economist of the twentieth century. His work was instrumental in the turn toward free markets that defined the 1980s, and his full-throated defenses of capitalism and freedom resonated with audiences around the world. It's no wonder the last decades of the twentieth century have been called "the Age of Friedman"--or that analysts have sought to hold him responsible for both the rising prosperity and the social ills of recent times.
In Milton Friedman, the first full biography to employ archival sources, the historian Jennifer Burns tells Friedman's extraordinary story with the nuance it deserves. She provides lucid and lively context for his groundbreaking work on everything from why dentists earn less than doctors, to the vital importance of the money supply, to inflation and the limits of government planning and stimulus. She traces Friedman's longstanding collaborations with women, including the economist Anna Schwartz, as well as his complex relationships with powerful figures such as Fed Chair Arthur Burns and Treasury Secretary George Shultz, and his direct interventions in policymaking at the highest levels. Most of all, Burns explores Friedman's key role in creating a new economic vision and a modern American conservatism. The result is a revelatory biography of America's first neoliberal--and perhaps its last great conservative.
592 pages, Hardcover
First published November 1, 2023
254 people are currently reading
2498 people want to read
About the author
Jennifer Burns
20 books37 followersJennifer Burns is Associate Professor of History at Stanford University and a Research Fellow at Stanford’s Hoover Institution on War, Revolution, and Peace. A nationally recognized authority on Rand and conservative thought, she has discussed her work on The Daily Show and Book TV and has been interviewed on numerous radio programs.
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Displaying 1 - 30 of 74 reviews
December 14, 2023
An excellent biography. It is much more focused on his intellectual contributions than on his personal life, though it does touch on the latter to some degree. But the ideas it handles brilliantly. It is comprehensive in its coverage and sophisticated in its ability to situate sometimes complicated economic ideas in intellectual and historical context. It does not shy away from criticism of Friedman's ideas or the policies he inspires, but nor does it shy away from taking on those criticisms when they are unwarranted (as they so often are in the case of Friedman, whose name is often invoked to represent the whole host of sins associated with 'neoliberalism' rather than the things he actually wrote or said). Burns' discussion of Friedman's connection with the Pinochet regime in Chile is particularly strong in this respect, and worth the price of admission all by itself.
I was impressed with Burns' earlier biography of Ayn Rand, and so had high hopes for this volume. It did not disappoint. Highly recommended.
I was impressed with Burns' earlier biography of Ayn Rand, and so had high hopes for this volume. It did not disappoint. Highly recommended.
November 28, 2023
https://wp.me/p4dW55-1kV
In this remarkably scholarly and thoughtful biography, Jennifer Burns traces Friedman’s life from humble New Jersey roots to academia and government and, eventually, to the top of his field. Based on nearly a decade of research and with impressive historical context and detail, this biography overpowers the other notable work on Friedman’s life: Lanny Ebenstein’s 2007 “Milton Friedman: A Biography.”
Born just a dozen years after the Gilded Age, Friedman’s interest in economics spanned nearly eight decades and was catalyzed by the most substantial economic shock of his life – the Great Depression. A sophomore at Rutgers in 1929, his flirtation with actuarial sciences was quickly directed toward more urgent pursuits: trying to understand and model economic forces.
Throughout the 482-page narrative, Burns rigorously explores Friedman’s fascination with economics as well as the evolution of prevailing economic theories and public policy during his life. Important supporting characters such as Arthur Burns and George Shultz receive much-deserved attention as do the intellectual discussions and debates Friedman conducted with his colleagues. And because the underlying subject matter can be abstruse, it is fortunate that Burns is skilled at explaining economic concepts in “plain English.”
Particularly compelling is the book’s Epilogue which reviews Friedman’s life and legacy while also considering the Great Recession of 2007-8 and the unprecedented fiscal policy measures which were enacted to stabilize the US economy. Friedman died in 2006 so his reaction to the financial crisis can only be the subject of speculation. But the dramatic economic and fiscal events of the ensuing decade have called into question some of his most strongly-held beliefs.
Readers will quickly discover this is not a traditional biography with dramatic storytelling and a healthy mix of Friedman’s personal and professional lives. Instead, it is an intellectual biography designed to explore and articulate Friedman’s economic philosophy and career within the broader context of his era. And from that perspective the book is an absolute success.
But there is no escaping the fact that many readers will find this biography difficult to navigate and impossible to enjoy. While any attentive reader can follow the plot and understand most of the content, much of the narrative feels like inside baseball – so focused on an esoteric field of study that the life of the subject is overwhelmed.
In addition, almost none of Friedman’s personal life is revealed. His wife was also a trained economist – and a frequent collaborator – so dinner conversation may have never veered far from topics such as price theory and Keynesian economic models. But his personal interests (to the extent he had any) are never revealed and his children are almost unmentioned.
Overall, Jennifer Burns’s biography of Milton Friedman is a meritorious book with a distinctly narrow natural audience. Anyone fascinated by Friedman’s public life and legacy, or by the evolution of economic theory during the 20th century, will find this book uncommonly revealing and well-written. But readers uninterested in the intricacies of macroeconomics and monetary policy are likely to find it unavoidably tedious and dull.
Overall rating: 3½ stars
In this remarkably scholarly and thoughtful biography, Jennifer Burns traces Friedman’s life from humble New Jersey roots to academia and government and, eventually, to the top of his field. Based on nearly a decade of research and with impressive historical context and detail, this biography overpowers the other notable work on Friedman’s life: Lanny Ebenstein’s 2007 “Milton Friedman: A Biography.”
Born just a dozen years after the Gilded Age, Friedman’s interest in economics spanned nearly eight decades and was catalyzed by the most substantial economic shock of his life – the Great Depression. A sophomore at Rutgers in 1929, his flirtation with actuarial sciences was quickly directed toward more urgent pursuits: trying to understand and model economic forces.
Throughout the 482-page narrative, Burns rigorously explores Friedman’s fascination with economics as well as the evolution of prevailing economic theories and public policy during his life. Important supporting characters such as Arthur Burns and George Shultz receive much-deserved attention as do the intellectual discussions and debates Friedman conducted with his colleagues. And because the underlying subject matter can be abstruse, it is fortunate that Burns is skilled at explaining economic concepts in “plain English.”
Particularly compelling is the book’s Epilogue which reviews Friedman’s life and legacy while also considering the Great Recession of 2007-8 and the unprecedented fiscal policy measures which were enacted to stabilize the US economy. Friedman died in 2006 so his reaction to the financial crisis can only be the subject of speculation. But the dramatic economic and fiscal events of the ensuing decade have called into question some of his most strongly-held beliefs.
Readers will quickly discover this is not a traditional biography with dramatic storytelling and a healthy mix of Friedman’s personal and professional lives. Instead, it is an intellectual biography designed to explore and articulate Friedman’s economic philosophy and career within the broader context of his era. And from that perspective the book is an absolute success.
But there is no escaping the fact that many readers will find this biography difficult to navigate and impossible to enjoy. While any attentive reader can follow the plot and understand most of the content, much of the narrative feels like inside baseball – so focused on an esoteric field of study that the life of the subject is overwhelmed.
In addition, almost none of Friedman’s personal life is revealed. His wife was also a trained economist – and a frequent collaborator – so dinner conversation may have never veered far from topics such as price theory and Keynesian economic models. But his personal interests (to the extent he had any) are never revealed and his children are almost unmentioned.
Overall, Jennifer Burns’s biography of Milton Friedman is a meritorious book with a distinctly narrow natural audience. Anyone fascinated by Friedman’s public life and legacy, or by the evolution of economic theory during the 20th century, will find this book uncommonly revealing and well-written. But readers uninterested in the intricacies of macroeconomics and monetary policy are likely to find it unavoidably tedious and dull.
Overall rating: 3½ stars
August 20, 2023
This is a biography of Milton Friedman AND an economic history of America during the 20th century. Plus, it is perhaps the most delightful book that I have read in years. Its author Jennifer Burns has through her remarkable scholarship written a wonderful book that everyone with any interest in economics simply must read. My only negative comment is quite minor. Two times Ms. Burns errantly reported that tax cuts have reduced government revenue, but every tax cut in US history has resulted in only an increase in government tax receipts. Otherwise, her book is both perfect and fun to read.
March 8, 2025
Know your enemy ✅
Learn about 20th century American economic history ✅
Learn about 20th century American economic history ✅
April 19, 2024
Great book but not for everybody. Of particular interest is the review of the economics of the past ten years with respect to Friedman’s work.
August 14, 2024
Oppenheimer for economists. Excellent book.
December 25, 2023
When I was doing the defense of my dissertation, one of the committee members asked me what the paper would look like if I excised the Chicago and Chicago Derivative economists. Although I had a flppant answer, it would have undoubtedly been considerably shorter! Writing a biography which competently deals with the theories of Milton Friedman would not be an easy task. Burns does a competent job of explaining the several areas of his thinking - primarily on monetarism but also on his tremendous efforts as a researcher but also a proselytizer of a wide range of theories. His career was long and his influence broad.
The book discusses his collarborations with Anna Schwartz (on the monumental A Monetary History of the United States). MHUS was one of those rare books which like the Wealth of Nations has been credited with changing the thinking about issues in this case like the causes of the Great Depression.
But it also skillfully explains his growth as a thought leader.
Where I think the book falls down just a bit is in the discussions of Friedman's thoughts on the relationship between liberty and equality. At several points Burns faults his thinking because Friedman did not deal with groups - but wasn't that a core distinction in his work? The second area where I think her descriptions are a bit off was on key issues like supply side economics (despite the popular perception no member of the Administration ever claimed that the 1981 Economic Recovery Tax Act would produce more revenues - key members of the Administration like Larry Lindsay argued that rate reductions for those below the median income would cost revenues; at the same time Burns faults Friedman for siding with the repressive administration of Pinochet. I think she ignores the brutal nature of Allende's policies. Finally, I think she gives the FDR brain trust with a bit more logic and precision that most authors would offer (see especially the book by Amity Shlaes for how really destructive the patched together policies were for recovery - almost as horrible as the economic policies of the current administration!)
But is this book worth reading - you bet it is. I only met Friedman and Rose once, but the descriptions of him as a person are spot on. For me, his work and the work of several of his students was essential to the development of my own approaches to economics.
The book discusses his collarborations with Anna Schwartz (on the monumental A Monetary History of the United States). MHUS was one of those rare books which like the Wealth of Nations has been credited with changing the thinking about issues in this case like the causes of the Great Depression.
But it also skillfully explains his growth as a thought leader.
Where I think the book falls down just a bit is in the discussions of Friedman's thoughts on the relationship between liberty and equality. At several points Burns faults his thinking because Friedman did not deal with groups - but wasn't that a core distinction in his work? The second area where I think her descriptions are a bit off was on key issues like supply side economics (despite the popular perception no member of the Administration ever claimed that the 1981 Economic Recovery Tax Act would produce more revenues - key members of the Administration like Larry Lindsay argued that rate reductions for those below the median income would cost revenues; at the same time Burns faults Friedman for siding with the repressive administration of Pinochet. I think she ignores the brutal nature of Allende's policies. Finally, I think she gives the FDR brain trust with a bit more logic and precision that most authors would offer (see especially the book by Amity Shlaes for how really destructive the patched together policies were for recovery - almost as horrible as the economic policies of the current administration!)
But is this book worth reading - you bet it is. I only met Friedman and Rose once, but the descriptions of him as a person are spot on. For me, his work and the work of several of his students was essential to the development of my own approaches to economics.
February 13, 2024
Milton Friedman: The Last Conservative by Jennifer Burns is an excellent biography of Milton Friedman, one of my intellectual heros. Her work is fair, relevant, and engrossing - no small feat for a subject so polarizing or as potentially dry and dusty as an academic economist.
Throughout the book, Burns illustrates Friedman's incredible influence through the 20th century and still uncanny relevance today. "Into the 21st century he remained a favorite target of political attacks, a notable accomplishment for a dead economist." Even catching a stray from Joe Biden in the 2020 campaign "Milton Friedman isn't running the show anymore!".
I'll quote from the introduction on a sampling of Friedman's ideas: "If you've had taxes withheld from a paycheck, planned or postponed a foreign holiday due to the exchange rate, considered the military as a career, wondered if the Federal Reserve really knows what it's doing, worked at or enrolled your child in a charter school, or gotten into an argument about the pros and cons of a universal basic income, you've had a brush with Friedman.
This book is not for everyone. Inter-office politics at the University of Chicago and debates around the effectiveness of policy levers at the Fed are not what everyone orders for breakfast. But, standing at a compact 5'0", Friedman truly was a giant with disciples (and detractors) across the world up to this day - hello Javier Milei.
In my opinion, Friedman showed the best of what Academia (and especially economics) can be. Presenting and investigating big ideas, seeking truth, debating cordially with a smile on his face, pursuing human flourishing. There is so much more I could write, but I'll stop here for Goodreads (and maybe pursue more elsewhere!). Nonetheless, well done Jennifer Burns. I'm very thankful you wrote this book. I look forward to your next work!
Throughout the book, Burns illustrates Friedman's incredible influence through the 20th century and still uncanny relevance today. "Into the 21st century he remained a favorite target of political attacks, a notable accomplishment for a dead economist." Even catching a stray from Joe Biden in the 2020 campaign "Milton Friedman isn't running the show anymore!".
I'll quote from the introduction on a sampling of Friedman's ideas: "If you've had taxes withheld from a paycheck, planned or postponed a foreign holiday due to the exchange rate, considered the military as a career, wondered if the Federal Reserve really knows what it's doing, worked at or enrolled your child in a charter school, or gotten into an argument about the pros and cons of a universal basic income, you've had a brush with Friedman.
This book is not for everyone. Inter-office politics at the University of Chicago and debates around the effectiveness of policy levers at the Fed are not what everyone orders for breakfast. But, standing at a compact 5'0", Friedman truly was a giant with disciples (and detractors) across the world up to this day - hello Javier Milei.
In my opinion, Friedman showed the best of what Academia (and especially economics) can be. Presenting and investigating big ideas, seeking truth, debating cordially with a smile on his face, pursuing human flourishing. There is so much more I could write, but I'll stop here for Goodreads (and maybe pursue more elsewhere!). Nonetheless, well done Jennifer Burns. I'm very thankful you wrote this book. I look forward to your next work!
January 4, 2024
A very good book about a very great man, Milton Friedman - The Lasdt Conservative is important reading, especially for those who have forgotten Milton's contributions to economics, capitalism and freedom. He was the most important economist in the 20th century, because he was correct so often about such important points, not because he was popular and backstopped the incessant push toward bigger and bigger government. Not a fun or enjoyable read, rather it's an enlightening, uplifting and educational one. Highly recommended
July 20, 2025
Probably 5 stars. Very good. Made me remember that I almost even like economics?
January 22, 2025
I really learned a lot from this book about the rise of conservatism in the 1970s and 80s and the role of Friedman in the rise of the neoliberal movement. Milton Friedman was one of the the most important economists of the 20th century, and his wife, Rose, also played a huge role in the communication of his ideas.
February 12, 2024
Near the end of this book, the biographer, Jennifer Burns, mentions a couple of quotes from our current President. One from 2020:
"Milton Friedman isn’t running the show anymore."
No fooling. And one from 2019:
"When did Milton Friedman die and become king?"Milton Friedman died in 2006, Joe. (Even back then, Biden sounded like one of the geezers in the Saturday Night Live parody ad for the Amazon Echo Silver.)
So Friedman has been haunting Joe's brain ("rent free" as they say), probably for a long time. In contrast, I've been a fan ever since I read his Capitalism and Freedom as an impressionable youngster back in the 1960s. I honored his passing in my blog here and here. Key quote from the former link: "As one of the foremost champions of liberty and capitalism, Dr. Friedman undoubtedly made life better for you, me, and posterity." (Caveat lector: Unfortunately, many of the links I gathered from 2006 no longer work.)
This book garnered many laudatory reviews when it came out last year, so I snagged it from the New Books table at Portsmouth Public Library. (Yes, even in a socialist library in one of the state's wokest cities, you can still get fair-minded books about conservative/libertarian subjects.) And, yes, I agree: it's quite good. Burns is (it says on the back flap) a Stanford history professor, but she's clearly absorbed a lot of economics along the way: her discussion shows a deep understanding of the concepts and controversies associated with Friedman's work. The book seems to be almost as much about US economic history from 1930 to the present day as it is about Milton. (With side trips to Chile and Great Britain.)
I smiled at an anecdote about Friedman's undergrad days at Rutgers: "In his first year, he found a job waiting tables, which came with a supposedly free lunch. Even then, he was enough of a budding economist to understand there was no such thing-the free lunch came at the expense of a higher wage."
And there's a romantic-comedy-for-econ-geeks anecdote about Milton's meet-cute with his wife-to-be, Rose: she was a classmate in a University of Chicago course taught by a tyrannical professor. One day the prof botched differentiating a function, and Milton bravely pointed out the error. The prof blustered, Milton held his ground, and Rose was impressed enough to invite Milton to a Frank Knight lecture.
Burns does an excellent job charting Friedman's odyssey from the lonely days when his free-market monetarist views were dismissed by "serious" economists to his gradual ascension to respectability (including, of course, the Nobel).
About the only irritation I found was Burns' criticism of Friedman for his opposition to some of the more coercive features of 1960s civil rights legislation. She shows little patience for Friedman's devotion to classical liberal principle: people should feel free to engage (or not to engage) in voluntary, mutually beneficial economic transactions. Burns, to my eye, gets a little vitriolic when attacking that view.
February 11, 2024
Milton Friedman: The Last Conservative by Jennifer Burns provides an insightful exploration of the life, ideas, and legacy of one of the most influential economists of the twentieth century. Born to working-class Jewish immigrants in New Jersey, Friedman's early life was marked by tragedy when his father passed away during his senior year of high school. Despite this, he excelled academically and eventually found his passion for economics while studying at Rutgers College.
Friedman's intellectual journey took him to the University of Chicago, where he was influenced by prominent economists such as Arthur Burns and Homer Jones. The Great Depression loomed large during this time, shaping Friedman's understanding of economic theory and policy. He became deeply engaged in debates over the causes and solutions to the economic crisis, ultimately developing his own distinct ideas about the role of government in the economy.
After completing his graduate studies at Columbia University, Friedman entered the world of academia and government. He faced controversy over his research on medical licensing, which accused the American Medical Association of restricting the supply of doctors. Despite pushback from his superiors, Friedman's work laid the groundwork for his later contributions to economic theory. Friedman's return to the University of Chicago marked a turning point in his career. Alongside like-minded scholars, he challenged the prevailing Keynesian orthodoxy and championed the principles of free markets and individual freedom. His research on monetary theory, highlighted in his seminal work "A Monetary History of the United States," earned him widespread recognition and influence.
Friedman's ideas gained traction during the 1970s and 1980s, particularly as policymakers grappled with stagflation and inflation. His advocacy for monetarist policies, combined with his belief in limited government, aligned with the political agenda of figures like President Ronald Reagan. Friedman's popular TV series and book, "Free to Choose," further solidified his status as a public intellectual and advocate for economic freedom. Throughout his career, Friedman remained a controversial figure, drawing both admiration and criticism for his views on economic policy. However, his impact on the field of economics and public discourse cannot be overstated. His insights into inflation, monetary policy, and the role of government continue to shape economic thinking and policy debates to this day.
In conclusion, Milton Friedman's legacy as an economist and advocate for free markets endures as a testament to his intellectual contributions and influence. While his ideas may continue to spark debate, there is no denying the profound impact he has had on economic thought and policy. Jennifer Burns' book offers a comprehensive exploration of Friedman's life and work, shedding light on the origins of an economic giant and his lasting legacy.
Friedman's intellectual journey took him to the University of Chicago, where he was influenced by prominent economists such as Arthur Burns and Homer Jones. The Great Depression loomed large during this time, shaping Friedman's understanding of economic theory and policy. He became deeply engaged in debates over the causes and solutions to the economic crisis, ultimately developing his own distinct ideas about the role of government in the economy.
After completing his graduate studies at Columbia University, Friedman entered the world of academia and government. He faced controversy over his research on medical licensing, which accused the American Medical Association of restricting the supply of doctors. Despite pushback from his superiors, Friedman's work laid the groundwork for his later contributions to economic theory. Friedman's return to the University of Chicago marked a turning point in his career. Alongside like-minded scholars, he challenged the prevailing Keynesian orthodoxy and championed the principles of free markets and individual freedom. His research on monetary theory, highlighted in his seminal work "A Monetary History of the United States," earned him widespread recognition and influence.
Friedman's ideas gained traction during the 1970s and 1980s, particularly as policymakers grappled with stagflation and inflation. His advocacy for monetarist policies, combined with his belief in limited government, aligned with the political agenda of figures like President Ronald Reagan. Friedman's popular TV series and book, "Free to Choose," further solidified his status as a public intellectual and advocate for economic freedom. Throughout his career, Friedman remained a controversial figure, drawing both admiration and criticism for his views on economic policy. However, his impact on the field of economics and public discourse cannot be overstated. His insights into inflation, monetary policy, and the role of government continue to shape economic thinking and policy debates to this day.
In conclusion, Milton Friedman's legacy as an economist and advocate for free markets endures as a testament to his intellectual contributions and influence. While his ideas may continue to spark debate, there is no denying the profound impact he has had on economic thought and policy. Jennifer Burns' book offers a comprehensive exploration of Friedman's life and work, shedding light on the origins of an economic giant and his lasting legacy.
February 11, 2024
Note: this is American politics, before any of my Australian friends come at me. This is primarily an intellectual biography but read like an economics class.
Notes:
- Whether vilified as a high priest of greed or revered as a champion of liberty, Friedman decisively shaped the economic thinking of the twentieth century.
- Friedman’s professors, including the intimidating Jacob Viner and the biting Frank Knight, were engaged in urgent debates over the causes and cures for the deepening economic crisis. The department placed great emphasis on “price theory,” the elegant mathematical analysis of supply, demand, and market equilibrium pioneered by earlier neoclassical economists.
- His collaboration with Abraham Wald on sequential analysis allowed for more efficient testing of munitions, freeing resources for the wider war effort. Sequential analysis went on to become a vital concept in postwar statistics.
- As veterans streamed back from war, mass higher education was born
- Friedman's Chicago education set him apart with its focus on expanding price theory to address social problems, instead of more intellectually fashionable schools like constitutionalism.
-Between these twin poles, Friedman began to articulate his own unique vision of liberalism – one that carved out space for state action while still prioritizing individual freedom and markets. He experimented with policy ideas like school vouchers and negative income taxes that could address social issues through cash grants rather than bureaucracies. And he grappled with the question of values, moving away from an emphasis on equality toward a new watchword: freedom. This allowed Friedman to differentiate himself from both reactionaries on the right as well as Keynesians and New Deal liberals, while still retaining echoes of his mentors' concern for social improvement.
- By the late 1950s, Friedman and his allies had nurtured a distinctive Chicago counter-tradition in economics, law, and political science – one positioned to contest the dominant paradigm of demand management, regulation, and Keynesian economic planning. (the building blocks of his legacy)
- His 1980 TV series and accompanying book Free to Choose made a powerful case to the general public for limited government and economic freedom. His vision of replacing welfare programs and bureaucratic agencies with a simple negative income tax to guarantee basic sustenance presaged contemporary ideas about a universal basic income.
"It was not that Friedman was right all the time. Yet his overall big-picture impressions were dead-on."
“inflation is always and everywhere a monetary phenomenon.”
Notes:
- Whether vilified as a high priest of greed or revered as a champion of liberty, Friedman decisively shaped the economic thinking of the twentieth century.
- Friedman’s professors, including the intimidating Jacob Viner and the biting Frank Knight, were engaged in urgent debates over the causes and cures for the deepening economic crisis. The department placed great emphasis on “price theory,” the elegant mathematical analysis of supply, demand, and market equilibrium pioneered by earlier neoclassical economists.
- His collaboration with Abraham Wald on sequential analysis allowed for more efficient testing of munitions, freeing resources for the wider war effort. Sequential analysis went on to become a vital concept in postwar statistics.
- As veterans streamed back from war, mass higher education was born
- Friedman's Chicago education set him apart with its focus on expanding price theory to address social problems, instead of more intellectually fashionable schools like constitutionalism.
-Between these twin poles, Friedman began to articulate his own unique vision of liberalism – one that carved out space for state action while still prioritizing individual freedom and markets. He experimented with policy ideas like school vouchers and negative income taxes that could address social issues through cash grants rather than bureaucracies. And he grappled with the question of values, moving away from an emphasis on equality toward a new watchword: freedom. This allowed Friedman to differentiate himself from both reactionaries on the right as well as Keynesians and New Deal liberals, while still retaining echoes of his mentors' concern for social improvement.
- By the late 1950s, Friedman and his allies had nurtured a distinctive Chicago counter-tradition in economics, law, and political science – one positioned to contest the dominant paradigm of demand management, regulation, and Keynesian economic planning. (the building blocks of his legacy)
- His 1980 TV series and accompanying book Free to Choose made a powerful case to the general public for limited government and economic freedom. His vision of replacing welfare programs and bureaucratic agencies with a simple negative income tax to guarantee basic sustenance presaged contemporary ideas about a universal basic income.
"It was not that Friedman was right all the time. Yet his overall big-picture impressions were dead-on."
“inflation is always and everywhere a monetary phenomenon.”
April 11, 2025
What a great work. Jennifer Burns presents a deep intellectual history of Friedman and economics in the 20th century. She's very thorough in presenting criticism of and praise for the man and his ideas - a rare attempt at balance for this subject, but a very successful one.
The first half of the book is especially interesting. Milton Friedman still has some of his work as a celebrity academic out there, but I had never really known much about his actual academic trajectory or early career. The discussion of the ideas at UChicago and outside of it before the war, and of Friedman's work during the war were a great show of scholarship. This is valuable insight not present elsewhere - Friedman's life was always more about ideas and their context than about specific events or people. Especially controversial bits, like the Chicago Boys' connection to Pinochet's regime in Chile, are handled with so much transparency into the merits and demerits of critics and proponents that it's refreshing to read them.
If discussing monetary policy doesn't excite you, perhaps its academic history does. Friedman shone uniquely brightly: his name is remembered more than his public ideas, and infinitely more than his academic work. A celebrity economist if there ever was one, it's hard to pinpoint the magnitude of his legacy. Besides paycheck withholdings (which he regretted advocating for during the war), he influenced monetary policy to this day (mostly vindicated by the 2020s despite skepticism in the 2010s). However, most of his policy proposals didn't get enough political support, and we don't live anywhere near his ideal world. At least conscription is out of fashion.
Friedman usually cared way more about "the omelet" than "the eggs." That makes him easy for firebrands to attack. Despite his attitude, the world is better off for the vigorous debate the man prompted and continues to generate today.
The first half of the book is especially interesting. Milton Friedman still has some of his work as a celebrity academic out there, but I had never really known much about his actual academic trajectory or early career. The discussion of the ideas at UChicago and outside of it before the war, and of Friedman's work during the war were a great show of scholarship. This is valuable insight not present elsewhere - Friedman's life was always more about ideas and their context than about specific events or people. Especially controversial bits, like the Chicago Boys' connection to Pinochet's regime in Chile, are handled with so much transparency into the merits and demerits of critics and proponents that it's refreshing to read them.
If discussing monetary policy doesn't excite you, perhaps its academic history does. Friedman shone uniquely brightly: his name is remembered more than his public ideas, and infinitely more than his academic work. A celebrity economist if there ever was one, it's hard to pinpoint the magnitude of his legacy. Besides paycheck withholdings (which he regretted advocating for during the war), he influenced monetary policy to this day (mostly vindicated by the 2020s despite skepticism in the 2010s). However, most of his policy proposals didn't get enough political support, and we don't live anywhere near his ideal world. At least conscription is out of fashion.
Friedman usually cared way more about "the omelet" than "the eggs." That makes him easy for firebrands to attack. Despite his attitude, the world is better off for the vigorous debate the man prompted and continues to generate today.
June 7, 2024
I try very hard to separate my opinion of Friedman from my opinion of this biography. I went into this book expecting and hoping to understand the man and his economics better. On the former point the book was quite successful in spite of itself and on the latter i think she was less successful.
The author is an ideologue as Friedman is an ideologue and much of the book is a defense of some criticisms with real merit. The author either lacks a fundamental understanding of macroeconomics or thought that her readers did. I only rarely give a book such a low score, but I think it is deserving here for the unabashed bias and weakness on technical aspects.
The author is an ideologue as Friedman is an ideologue and much of the book is a defense of some criticisms with real merit. The author either lacks a fundamental understanding of macroeconomics or thought that her readers did. I only rarely give a book such a low score, but I think it is deserving here for the unabashed bias and weakness on technical aspects.
February 10, 2025
A friend suggested this as a complement to Beverly Gage's G-Man in the micro-genre of "books by liberal historians who wind up kind of loving their conservative subject matter." In Burns' case, the admiration is much less grudging. She's not shy about calling out Friedman when he was wrong, both morally (as in the case of his waffling over civil rights) and as a social scientist (as in his predictions that inflation would roar back in the 1980s as Volcker abandoned a monetary target).
But the overall tone is one of admiration, and it's not hard to understand why. Despite the book's incongruous subtitle, Friedman is a hard figure to confine to one ideological tradition. He popularized the ideas of school vouchers and privatized Social Security, sure, but also those of income tax withholding, a negative income tax, draft abolition, and drug legalization. He was in important ways a liberal, both in the classical and current sense, unhampered by the hidebound stuffiness that prevented, say, Hayek from making similar inroads to 1960s and 70s radicals who cottoned to Friedman's version of laissez-faire (at least until Chile).
One does not get the sense that Friedman, the person, was particularly likable. In his youth he's a smartass; in his adulthood, a patriarchal figure in his household, offering Rose more recognition than typical for a faculty wife/collaborator of the time but not as much recognition as she deserved. The borderline abusive teaching style he inherited from Jacob Viner is a decent microcosm of everything I hate in elite academia. But Burns is, correctly, interested more in Friedman as a conduit of ideas than as a cruel teacher and chauvinistic husband.
Perhaps the most impressive feat of many here is Burns' ability to explain why Friedman's monetarism was, ultimately, such a short-lasting school of thought. When I was first getting my bearings as an economic journalist in the early 2010s, I couldn't quite make this out: it felt like the "freshwater" successors to Friedman were the ones calling on the Fed to do less, and hankering for ridiculous explanations like video game-induced labor force dropouts to explain elevated unemployment. The Friedmanite explanation was simpler and more correct: monetary aggregates, or more accurately nominal national income, were not growing fast enough.
Burns' explanation is compelling: almost as soon as Friedman and Schwartz had defeated the Old Keynesians in journal battle, they were succeeded by the rational expectations school of Robert Lucas and Thomas Sargent, and then by real business cycle nutjobs like Ed Prescott. The post-Friedman right was much more fatalistic about the ability of a monetary authority to achieve much of anything. Eventually what was left of monetarism was incorporated into New Keynesianism, which perhaps owes as much to Friedman as to its namesake.
It's all too rare to see a real intellectual history of a right-aligned figure that is sympathetic without being hagiographic, and appropriately critical without devolving into conspiracy theory. Burns succeeds in each count.
But the overall tone is one of admiration, and it's not hard to understand why. Despite the book's incongruous subtitle, Friedman is a hard figure to confine to one ideological tradition. He popularized the ideas of school vouchers and privatized Social Security, sure, but also those of income tax withholding, a negative income tax, draft abolition, and drug legalization. He was in important ways a liberal, both in the classical and current sense, unhampered by the hidebound stuffiness that prevented, say, Hayek from making similar inroads to 1960s and 70s radicals who cottoned to Friedman's version of laissez-faire (at least until Chile).
One does not get the sense that Friedman, the person, was particularly likable. In his youth he's a smartass; in his adulthood, a patriarchal figure in his household, offering Rose more recognition than typical for a faculty wife/collaborator of the time but not as much recognition as she deserved. The borderline abusive teaching style he inherited from Jacob Viner is a decent microcosm of everything I hate in elite academia. But Burns is, correctly, interested more in Friedman as a conduit of ideas than as a cruel teacher and chauvinistic husband.
Perhaps the most impressive feat of many here is Burns' ability to explain why Friedman's monetarism was, ultimately, such a short-lasting school of thought. When I was first getting my bearings as an economic journalist in the early 2010s, I couldn't quite make this out: it felt like the "freshwater" successors to Friedman were the ones calling on the Fed to do less, and hankering for ridiculous explanations like video game-induced labor force dropouts to explain elevated unemployment. The Friedmanite explanation was simpler and more correct: monetary aggregates, or more accurately nominal national income, were not growing fast enough.
Burns' explanation is compelling: almost as soon as Friedman and Schwartz had defeated the Old Keynesians in journal battle, they were succeeded by the rational expectations school of Robert Lucas and Thomas Sargent, and then by real business cycle nutjobs like Ed Prescott. The post-Friedman right was much more fatalistic about the ability of a monetary authority to achieve much of anything. Eventually what was left of monetarism was incorporated into New Keynesianism, which perhaps owes as much to Friedman as to its namesake.
It's all too rare to see a real intellectual history of a right-aligned figure that is sympathetic without being hagiographic, and appropriately critical without devolving into conspiracy theory. Burns succeeds in each count.
December 12, 2023
"It was not that Friedman was right all the time. Yet his overall big-picture impressions were dead-on."
That sentence explains why Friedman is my favorite economist. Burns' work in this book validates time and again that very point.
While this isn't as monumental as the Caldwell/Klausinger biography on Hayek, Burns tackles a lot and can teach admirers and opponents alike various aspects of Friedman's work. Opponents can get an even-keeled assessment of the Friedman-Chile connection. At worst, he "failed to appreciate the optics of meeting with Pinochet." It's these optics, especially a series of events in 1976, that allowed Friedman's opponents to avoid addressing the accuracy of his takedown of Keynesian economics and instead engage in character assassination. Admirers like myself have to read about some unfortunate positions Friedman took during his life, such as his opposition to the Civil Rights Act.
I would have liked to read a little more about the distinction between Friedman's monetarist economics versus their free market counterpart in Austrian economics, particularly the gold standard. And I don't really agree with titling Friedman as "the last conservative." Even if you agree that he was an old-school conservative and this point-of-view is becoming extinct within the right-wing movement, you still have a few outliers from his school of thought, notably George Will. But considering in 1995 interviews with Rush Limbaugh and Brian Doherty he refers to himself as a libertarian, and considering his views on the legality of drugs and religion, "conservative" just doesn't fit. The last of a libertarian strand of the Republican Party, perhaps.
Overall, though, Burns has wrote an excellent book. Friedman's scholarship was remarkable, and Burns does a very good job in explaining this scholarship in layman's terms. Of particular note, Burns provides in-depth details of his collaboration with Anna Schwartz (who also gets her due here) that produced the game-changing A Monetary History of the United States. Friedman's prescience in warning about the troubles the American economy would face in the 1970s is also well-told by Burns. Highest recommendation.
That sentence explains why Friedman is my favorite economist. Burns' work in this book validates time and again that very point.
While this isn't as monumental as the Caldwell/Klausinger biography on Hayek, Burns tackles a lot and can teach admirers and opponents alike various aspects of Friedman's work. Opponents can get an even-keeled assessment of the Friedman-Chile connection. At worst, he "failed to appreciate the optics of meeting with Pinochet." It's these optics, especially a series of events in 1976, that allowed Friedman's opponents to avoid addressing the accuracy of his takedown of Keynesian economics and instead engage in character assassination. Admirers like myself have to read about some unfortunate positions Friedman took during his life, such as his opposition to the Civil Rights Act.
I would have liked to read a little more about the distinction between Friedman's monetarist economics versus their free market counterpart in Austrian economics, particularly the gold standard. And I don't really agree with titling Friedman as "the last conservative." Even if you agree that he was an old-school conservative and this point-of-view is becoming extinct within the right-wing movement, you still have a few outliers from his school of thought, notably George Will. But considering in 1995 interviews with Rush Limbaugh and Brian Doherty he refers to himself as a libertarian, and considering his views on the legality of drugs and religion, "conservative" just doesn't fit. The last of a libertarian strand of the Republican Party, perhaps.
Overall, though, Burns has wrote an excellent book. Friedman's scholarship was remarkable, and Burns does a very good job in explaining this scholarship in layman's terms. Of particular note, Burns provides in-depth details of his collaboration with Anna Schwartz (who also gets her due here) that produced the game-changing A Monetary History of the United States. Friedman's prescience in warning about the troubles the American economy would face in the 1970s is also well-told by Burns. Highest recommendation.
January 2, 2024
5*. A real contribution to understanding the left/right economic and political pendulums. The author mostly maintains neutrality in the debates which is helpful . Friedman's intellectuals partnerships (and how they benefited him) with Anna Schwartz and Rose Friedman are well covered .
The interrelationships of Friedman monetarism with Presidents from Kennedy to Reagan and with Fed Chairmen from Burns to Greenspan are well told.
The monetarist / Keynesian small / big government ; how to govern post the New Deal; high or low tax ; what about the deficit - these debates are all well covered as well.
The subtlety and nuance of how theory and analysis needs to evolve to respond to the realities of what the market presents and of course the intellectual underpin for the left / right ping pong of the last 60 years gives context to Friedman's life .
One leaves this reading with an understanding of his hugely important legacy of the necessity of the Fed providing liquidity in a crisis - which it thankfully did in 1987, 2008 and 2020, and of the critical importance of following money aggregates closely , and of the need for a slow and steady instead of volatile money growth .
For example - "while Greenspan never embraced monetarism, he framed his approach as deriving generally from Friedman’s work."
Friedman's intellectual underpin of the 1990s so called Washington Consensus as the Bible of free market orthodoxy is explained .
This book assists with an understanding of Friedman as a foundational influence on monetarists, new classical economists, and new Keynesians alike.
Incredibly thoughtful.
The interrelationships of Friedman monetarism with Presidents from Kennedy to Reagan and with Fed Chairmen from Burns to Greenspan are well told.
The monetarist / Keynesian small / big government ; how to govern post the New Deal; high or low tax ; what about the deficit - these debates are all well covered as well.
The subtlety and nuance of how theory and analysis needs to evolve to respond to the realities of what the market presents and of course the intellectual underpin for the left / right ping pong of the last 60 years gives context to Friedman's life .
One leaves this reading with an understanding of his hugely important legacy of the necessity of the Fed providing liquidity in a crisis - which it thankfully did in 1987, 2008 and 2020, and of the critical importance of following money aggregates closely , and of the need for a slow and steady instead of volatile money growth .
For example - "while Greenspan never embraced monetarism, he framed his approach as deriving generally from Friedman’s work."
Friedman's intellectual underpin of the 1990s so called Washington Consensus as the Bible of free market orthodoxy is explained .
This book assists with an understanding of Friedman as a foundational influence on monetarists, new classical economists, and new Keynesians alike.
Incredibly thoughtful.
January 9, 2024
In placing a three star rating here it should not be taken as indicative of the fact the book isn't any good. It should be taken as indicative of the fact the book is thick. Essentially, this is not as much a biography of Milton Friedman as it is a class on his life, thought, and impact. Which means this is essentially an economics class. Which means it is often, shall we say, less than scintillating?
I don't think this is exactly the writer's fault, though perhaps a different approach, one more focused on his actual life, might have prevented it. Burns is smart, and it shows. Nor does she necessarily fail at providing understandable explanations. It is more that she chose to write an intellectual biography, and her deep knowledge of the subject matter betrays her in that she often seems to assume we have a similar depth of knowledge.
Having said all of that, which is largely negative, I'm not negative on the book. It does what I wanted it to do. It shows me Friedman's influence in American society. And it is larger than I suspected. And ongoing, regardless of what our current president (Biden) asserts. In many respects, Friedman was an economist ahead of his time, and it is borne out throughout the book as positions and approaches he advocated alone at first increasingly came to dominate the field.
I like economics, but though the book was profitable it wasn't necessarily likeable, if that makes sense. But it wasn't a waste of time. Much.
I don't think this is exactly the writer's fault, though perhaps a different approach, one more focused on his actual life, might have prevented it. Burns is smart, and it shows. Nor does she necessarily fail at providing understandable explanations. It is more that she chose to write an intellectual biography, and her deep knowledge of the subject matter betrays her in that she often seems to assume we have a similar depth of knowledge.
Having said all of that, which is largely negative, I'm not negative on the book. It does what I wanted it to do. It shows me Friedman's influence in American society. And it is larger than I suspected. And ongoing, regardless of what our current president (Biden) asserts. In many respects, Friedman was an economist ahead of his time, and it is borne out throughout the book as positions and approaches he advocated alone at first increasingly came to dominate the field.
I like economics, but though the book was profitable it wasn't necessarily likeable, if that makes sense. But it wasn't a waste of time. Much.
March 4, 2024
Title: Milton Friedman: The Last Conservative - A Definitive Tribute to an Intellectual Giant
Jennifer Burns' biography of Milton Friedman offers a captivating journey through the life and ideas of one of the 20th century's most influential economists. With meticulous research and engaging prose, Burns paints a vivid portrait of Friedman's remarkable journey from humble beginnings to international acclaim.
From his groundbreaking work on monetary policy to his advocacy for free markets and limited government intervention, Friedman's ideas continue to resonate in today's economic discourse. Burns skillfully navigates through Friedman's intellectual journey, shedding light on his enduring influence and relevance in contemporary debates.
While delving into intricate economic theories and academic debates, Burns keeps the narrative accessible, making this biography an engaging read for both scholars and general readers alike. Through insightful analysis and thoughtful reflection, she captures the essence of Friedman's character and his enduring commitment to pursuing truth and human flourishing.
"Milton Friedman: The Last Conservative" stands as a definitive tribute to an intellectual giant whose ideas continue to shape the world long after his passing. Jennifer Burns' masterful biography is a must-read for anyone interested in understanding the life and legacy of Milton Friedman and the enduring impact of his ideas on economics and public policy.
Jennifer Burns' biography of Milton Friedman offers a captivating journey through the life and ideas of one of the 20th century's most influential economists. With meticulous research and engaging prose, Burns paints a vivid portrait of Friedman's remarkable journey from humble beginnings to international acclaim.
From his groundbreaking work on monetary policy to his advocacy for free markets and limited government intervention, Friedman's ideas continue to resonate in today's economic discourse. Burns skillfully navigates through Friedman's intellectual journey, shedding light on his enduring influence and relevance in contemporary debates.
While delving into intricate economic theories and academic debates, Burns keeps the narrative accessible, making this biography an engaging read for both scholars and general readers alike. Through insightful analysis and thoughtful reflection, she captures the essence of Friedman's character and his enduring commitment to pursuing truth and human flourishing.
"Milton Friedman: The Last Conservative" stands as a definitive tribute to an intellectual giant whose ideas continue to shape the world long after his passing. Jennifer Burns' masterful biography is a must-read for anyone interested in understanding the life and legacy of Milton Friedman and the enduring impact of his ideas on economics and public policy.
December 28, 2023
As other GoodReads reviews of Milton Friedman: The Last Conservative have noted, this is primarily an intellectual biography. Because Friedman was extraordinarily well-connected in academia and politics, it also serves as a history of American economic debates from the 1930s to the 1990s.
I summarise my own main points of interest elsewhere.
While in her subtitle Jennifer Burns describes Friedman as the 'last conservative', he called himself a classical liberal.
I think Friedman was the first major classical liberal thinker to engage creatively with the welfare state. Other classical liberals like Friedrich Hayek, who Friedman knew from the late 1940s, accepted the welfare state's reality. But in ideas like the negative income tax, educational vouchers, and educational income-contingent loans Friedman was finding ways in which a welfare state could help people manage income and consumption over time, while minimising the problems of state monopoly and centralised control.
The book covers economic issues that non-economist readers (including me) will struggle with, although Burns includes helpful explanations. But overall I enjoyed reading this biography and learnt a lot.
I summarise my own main points of interest elsewhere.
While in her subtitle Jennifer Burns describes Friedman as the 'last conservative', he called himself a classical liberal.
I think Friedman was the first major classical liberal thinker to engage creatively with the welfare state. Other classical liberals like Friedrich Hayek, who Friedman knew from the late 1940s, accepted the welfare state's reality. But in ideas like the negative income tax, educational vouchers, and educational income-contingent loans Friedman was finding ways in which a welfare state could help people manage income and consumption over time, while minimising the problems of state monopoly and centralised control.
The book covers economic issues that non-economist readers (including me) will struggle with, although Burns includes helpful explanations. But overall I enjoyed reading this biography and learnt a lot.
February 10, 2024
Wow! I’m surprised this book has not garnered more editorials in the press. First, “Milton Friedman the Last Conservative” is not really a classic biography. While it is more than adequate in that regard, it covers far more ground.
Over and above a standard bio, this book covers Milton’s early intellectual development at Chicago University during the height of the Great Depression, and then follow that development up through Milton’s seminal books and papers. In order to highlight Milton’s ideas and research, the book serves as a great introduction to countervailing ideas such as Keyne’s etc….
And because of Milton’s political interest and ideas, the book makes for a highly interesting review of Presidential politics from Kennedy on through Reagan.
If the topics sound intimidating, they’re not. Very well presented and easy to digest.
(I shop B&N. They’re the little guy, and they have real book stores.)
Over and above a standard bio, this book covers Milton’s early intellectual development at Chicago University during the height of the Great Depression, and then follow that development up through Milton’s seminal books and papers. In order to highlight Milton’s ideas and research, the book serves as a great introduction to countervailing ideas such as Keyne’s etc….
And because of Milton’s political interest and ideas, the book makes for a highly interesting review of Presidential politics from Kennedy on through Reagan.
If the topics sound intimidating, they’re not. Very well presented and easy to digest.
(I shop B&N. They’re the little guy, and they have real book stores.)
December 27, 2024
Jennifer Burns delivers an insightful biography that explores the life and evolving academic and political philosophy of Milton Friedman. The book skillfully places Friedman’s work in the broader context of the 20th-century U.S. economy, offering readers a compelling narrative of how his Monetarist ideas influenced key policies and debates.
While the book is an excellent introduction to the history of the U.S. economy during this era, its scope remains surface-level except where Friedman’s philosophy had a direct impact. Burns provides a strong framework for understanding Friedman’s contributions, but readers seeking a deeper, more comprehensive account of 20th-century economic history will need to look beyond this biography.
This book shines as a focused study of Friedman’s life and legacy, making it a valuable resource for anyone interested in his role in shaping modern economic thought.
While the book is an excellent introduction to the history of the U.S. economy during this era, its scope remains surface-level except where Friedman’s philosophy had a direct impact. Burns provides a strong framework for understanding Friedman’s contributions, but readers seeking a deeper, more comprehensive account of 20th-century economic history will need to look beyond this biography.
This book shines as a focused study of Friedman’s life and legacy, making it a valuable resource for anyone interested in his role in shaping modern economic thought.
February 29, 2024
Apologetic if not outright hagiography. A lot of effort went into excusing Friedman's involvement with Pinochet, framing it as a product of his laser-like focus on his monetary ideas. And yet, I can think of no more damning portrayal of a person's worldview than one that overlooks serious moral abominations in pursuit of ideological vindication.
Likewise, I find it hard to stomach the portrayal of his collaborations with his wife and Anna Schwartz as evidence of proto-feminist gender enlightenment when he, for decades, fully refused to credit their contributions in any way commensurate with the credit he afforded his male peers.
Likewise, I find it hard to stomach the portrayal of his collaborations with his wife and Anna Schwartz as evidence of proto-feminist gender enlightenment when he, for decades, fully refused to credit their contributions in any way commensurate with the credit he afforded his male peers.
November 4, 2024
The Last Conservative made me realize a gap in my economics education. I knew very little of Milton Friedman beyond the opinions of his critics, oppositional conversationalists, and prognosticators. Furthermore, the book is more than a biography of Milton Friedman. It is one of the best books on contemporary macroeconomic history and thinking I have ever read. The Last Conservative is also an excellent primer in macroeconomics, political economy, and political economy as it relates to the law and government policy. Congratulations to Jennifer Burns on her superb work. All biographies should be written like this.
December 13, 2023
Pretty good. Not as good as the Keynes book which I think is the closest comparison. Probably because Keynes is a more interesting persona.
The author wants to defend Friedman a lot even as she doesn’t share his political leanings. There are some nice digs at him on how his thought works in theory and in the long term but not in the short/medium/real world. Definitely felt like there was some inside Econ baseball going on
Overall pretty approachable, good sense of both the man and his ideas.
The author wants to defend Friedman a lot even as she doesn’t share his political leanings. There are some nice digs at him on how his thought works in theory and in the long term but not in the short/medium/real world. Definitely felt like there was some inside Econ baseball going on
Overall pretty approachable, good sense of both the man and his ideas.
February 11, 2024
Through his long career, Milton Friedman left an enduring imprint on economic thought and policy. Though initially viewed as a radical, his steadfast belief in free markets and limited government gained increasing mainstream credibility over time. Friedman fundamentally altered how both policymakers and the public understood core issues like inflation and the role of the Federal Reserve. Even for those who dispute his diagnoses and remedies, grappling with Friedman’s worldview remains imperative to navigating the modern economic landscape.
February 11, 2024
Summary:
Through his long career, Milton Friedman left an enduring imprint on economic thought and policy. Though initially viewed as a radical, his steadfast belief in free markets and limited government gained increasing mainstream credibility over time. Friedman fundamentally altered how both policymakers and the public understood core issues like inflation and the role of the Federal Reserve. Even for those who dispute his diagnoses and remedies, grappling with Friedman’s worldview remains imperative to navigating the modern economic landscape.
Through his long career, Milton Friedman left an enduring imprint on economic thought and policy. Though initially viewed as a radical, his steadfast belief in free markets and limited government gained increasing mainstream credibility over time. Friedman fundamentally altered how both policymakers and the public understood core issues like inflation and the role of the Federal Reserve. Even for those who dispute his diagnoses and remedies, grappling with Friedman’s worldview remains imperative to navigating the modern economic landscape.
May 1, 2024
This is a comprehensive view of Milton and his work. It Clyde, appropriately, much on the prevailing economic theories developed and held throughout the 20th century up until 2023 including those contributed by Milton. These theories attempt to explain economies from those impacted by the Civil War, the Great Depression, up to and including the COVID-19 pandemic. Milton contributes to them all and the author demonstrates why his ideas have been adopted and used throughout the political spectrum. It is not an easy read but an important, worthwhile one. There is a lot to think about here.
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