Two Lucky People. Friedman's Memoirs

Author: Friedman's Memoirs
Publisher:
Publish Date: 2004-01-01
Features: This is a book worth treasuring. Two happy people, Nobel laureate in Economics Milton Friedman and his wife, Rose Friedman, jointly recall life and history, clearly outlining the development of Friedman's economic thought. Friedman was born into a poor Russian immigrant family, and the multicultural atmosphere of the United States helped him grow into a master of the "free-market economy" theory. As early as the 1950s, Friedman strongly criticized excessive government intervention in the market, which stood in stark contrast to the Keynesianism then revered as the classic doctrine. The "unconventional" Friedman, with his profound understanding of the U.S. economy, clearly saw the theoretical crisis facing Keynesianism. He passionately advocated his unique economic insights and was always ready to debate others in defense of truth, enduring ridicule in the process. Eventually, history was moved to concede his arguments. For establishing the theory of monetarism and proposing the permanent income hypothesis, Friedman was awarded the Nobel Prize in Economics in 1976. He became one of the most influential economists of the 20th century, rivaling Keynes. In the United States, the proposals he put forward in the 1950s—low taxes, education vouchers, and negative income tax—gained widespread support. Outside the U.S., many developing countries were influenced by his "free-market economy" theory and abandoned the centrally planned economy they had long adhered to. As an economist, Friedman did not isolate himself in his work. He extensively interacted with political figures and maintained close relationships with leaders worldwide, contributing significantly to the field of public policy. The book also reveals some details of his time as an informal advisor to Presidents Nixon and Reagan. Friedman was also very skilled at promoting his economic theories. In 1980, he hosted a ten-part public television educational series titled Free to Choose. While hosting the program, he seized the opportunity to express his economic views and strongly criticized government intervention in the economy. At the same time, Friedman co-authored a renowned economics textbook with his wife, also titled Free to Choose. In this memoir, Friedman attributes his achievements to "luck," to the free and open society of the United States, to the good teachers and friends he encountered in his student days, and to the great changes he experienced during his time. Of course, the enduring love and companionship of his wife, Rose, for over 70 years, was one of Friedman's "lucky" factors in achieving great success. The Friedman couple experienced many major historical events, from the Great Depression to the fall of the Berlin Wall. Moreover, because of the immense global impact of the couple, this memoir transcends the realm of personal biography, becoming a grand epic that reflects on the history of the 20th century!