Followers of economist Milton Friedman—of whom I’m one—ought to rely themselves fortunate that Stanford historian Jennifer Burns has written a detailed biography of him. Based mostly on intensive archival analysis that solely a affected person, first‐charge historian can do, she covers his mental life in its varied phases from his time in highschool to his loss of life. Alongside the best way, we see how he struggled within the Nineteen Thirties and even, to some extent, within the Nineteen Forties to determine his position in academia. Burns additionally exhibits in nice element the vital influences in his life and, later, the various methods he has influenced the economics career and the larger world of coverage—on taxes, financial coverage, welfare coverage, and the draft, to call 4 of a very powerful.
Her e-book is not at all a hagiography. At varied factors, she criticizes Friedman, typically unfairly. She’s additionally a little unfair to his spouse, Rose Friedman, an economist in her personal proper. However that makes Burns’s many optimistic evaluations of Milton’s work all of the extra credible.
Though she is, as famous, a historian and never an economist, and typically makes little slips in her financial exposition, her large‐image understanding of economics is spectacular, particularly on one of many hardest points to grasp: financial coverage. Certainly, she lays out the truth that the Federal Reserve doesn’t straight management rates of interest higher than many economists I’ve learn.
These are the opening paragraphs of my assessment of Jennifer Burns’s e-book Milton Friedman: The Final Conservative, Regulation, Summer time 2024.
As I clarify close to the top of the assessment, I’m not in love with the e-book’s title, to place it mildly. However that’s not a very powerful a part of my assessment. I reward many issues within the e-book and criticize just a few.
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