By Lanny Ebenstein
Born the son of immigrant mom and dad, Milton Friedman went directly to develop into a massive determine through the resurgence of yankee conservatism. As an adviser to the Reagan management and a broadly learn columnist, he performed an essential function in shaping executive coverage and public opinion whereas he made headlines for his arguable views.
Drawing at the author's unparalleled entry to private archives--and to Friedman himself ahead of his demise in 2006--this is the 1st publication to track his lifestyles and improvement as an fiscal theorist. With a mixture of unveiling own element and engaging exploration of monetary idea, this can be a revealing examine the fellow appeared by way of many as a hero of libertarianism and laissez-faire economics.
Reviews:
From Booklist
Ebenstein creates an image of Milton Friedman, one of many major economists and political philosophers of the 20 th century, as not only a respected fiscal theorist but additionally a public highbrow. Ebenstein starts with Friedman's youth and early occupation, relocating via his lengthy tenure as an economist on the collage of Chicago, and completes the ebook with an image of Friedman as a well known public determine. accomplished sooner than Friedman's demise, in November 2006, the e-book espouses Friedman's ideals in libertarianism, the loose industry, and capitalism. He used to be recognized for his arguable stances and robust impression on leaders of the day. via long interviews with Friedman and his spouse, Rose, an image of him as kin guy, Nobel Prize winner, and consultant to a number of presidents emerges. Ebenstein's cognizance to element and copious costs from others who knew Friedman good make for an interesting photo of 1 of America's most crucial fiscal theorists. -Gail Whitcomb
First autopsy tribute to the main influential champion of the unfastened industry on the grounds that Adam Smith. really, Ebenstein (Economics and Political Theory/Univ. of California, Santa Barbara) refers to his topic all through within the current annoying, it seems that now not having had the chance to replace his textual content because the economist's loss of life, on Nov. sixteen, 2006. Born in 1912, Milton Friedman used to be a puissant instructor and chief of the so-called Chicago college of financial conception. He additionally wonderfully healthy the fashionable activity description of a public highbrow. With only a nod to his own lifestyles, this tribute lauds Friedman as philosophical technician and theoretical guru of recent day laissez-faire. maybe, posits the writer, he's the Karl Marx of libertarianism. Ebenstein quick covers the economist's early educational years and holiday for carrier as a WWII mathematician, sooner than quite getting going with Friedman's go back to the college of Chicago in 1946. He makes use of examples from scholarly writings to demonstrate the economist's evolution from attainable early liberal traits to full-blown libertarianism. Readers will locate summaries of Friedman's suggestions on data, political economics, rate concept and intake functionality, mark downs and making an investment, provide and insist, everlasting and transition source of revenue, cash and banking. The influential 1963 textual content A financial historical past of the USA, 1867 - 1960 awarded a revisionist view of the good melancholy, arguing that the hot Deal was once "the flawed treatment for the inaccurate disease." concerning welfare, Friedman concluded, "government are not supply for the indigent, unemployed, aged, ailing, and disabled." The free-market hero, with assistance from spouse Rose, wrote potently. He promoted his principles in a PBS sequence. He supplanted John Maynard Keynes within the hearts of many theorists, received a Nobel and stimulated generations together with his strong mind. Ebenstein, truly persuaded by way of the libertarian perspectives of his respected topic, reveals little fault together with his hero during this dry hagiography carried out with as a lot verve as an economist can muster.An monetary biography for fiscal theorists, relatively these at the correct. (Kirkus Reviews)
"A beneficial homage to Friedman's ideas."--The monetary instances "[A] rounded, readable portrait of a guy whose impression at the lives of hundreds of thousands within the twentieth century is measured now not through his competitors and enemies, yet through the members he converted."--The Chicago Sun-Times "Quite convenient. It marshals plenty of fabric, and to devotees the bibliographical essay on the finish can be definitely worth the disguise expense in itself."--The Economist "This biography doesn't skimp at the information of Friedman's existence. good written, completely researched, and straightforward to learn, it effectively explains how Friedman's rules proceed to resonate."--Library magazine "A strangely readable, succinct portrait of the combative economist."--Bloomberg information "Ebenstein covers loads of fabric with an attractive, full of life style."--Democracy"For those that recognize little approximately Friedman, and need to grasp extra, this booklet is an efficient position to start... good documented."--Journal of Markets & Morality
"An soaking up booklet in regards to the existence, battles, and a few of the tips of an excellent economist. certainly worthy examining to aid comprehend the advance of a rare individual."
--Gary S. Becker, Nobel Laureate in Economics
"Lanny Ebenstein offers us a cautious and illuminating exposition of the existence and ideas of Milton Friedman. A surely worthwhile read."
--George P. Shultz, Thomas W. and Susan B. Ford exceptional Fellow, Hoover establishment, Stanford University
"A strong ebook concerning the so much influential economist due to the fact that Adam Smith."
--Martin Anderson, former family and monetary coverage consultant to President Reagan
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Additional info for Milton Friedman: A Biography
Example text
Rose notes that she had few close friends as an undergraduate at Chicago. She is a private person—she does not burden others with her personal problems. She also comments that, somewhat like Milton, she was very close to her mother while growing up. Unlike Milton, she is very musical. She is honest, straightforward, and bright. It would be hard to imagine a more ideal partner for Milton than Rose. The same age, attractive, intelligent, an economist, Jewish, slightly shorter than he, and, particularly for a woman of her era, excellent in math, Rose was a great catch.
The delay was the result of unusual circumstances. Columbia at this time required that a candidate’s dissertation be published before the degree would be awarded. A major controversy arose with respect to Friedman’s dissertation, Income from Independent Professional Practices, which he co-wrote with Simon Kuznets of the National Bureau. Kuznets wrote a preliminary manuscript, which Friedman completely rewrote between 1938 and 1941. The study covers five professional fields, including doctors and dentists.
The original head of what was then the Department of Political Economy at Chicago (now the Department of Economics) was James Laurence Laughlin, a staunch economic conservative and follower of John Stuart Mill. Laughlin presided over a diverse and eclectic department. Thorstein Veblen—perhaps the most famous American economist (and possibly the most famous economist in the world) in the first quarter of the twentieth century—had been at Chicago first as a fellow and then as a member of the faculty.
