Two Lucky People -- Friedman's Memoirs: Friedman's Memoirs

Author: Milton Friedman
Publisher:
Publish Date: 2004-02-03
Features: This is a book worth treasuring. Two lucky people, Nobel laureate in Economics Milton Friedman and his wife, Rose Friedman, together 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 allowed him to 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 that was then considered the classic. The "unconventional" Friedman, with his deep 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. After reflection, history was moved to submit to him. For establishing the theory of monetarism and proposing the permanent income hypothesis, Friedman won the Nobel Prize in Economics in 1976. He became one of the most influential economists of the 20th century, alongside 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 accepted his "free-market economy" theory and abandoned the centrally planned economy they had long adhered to. As an economist, Friedman did not isolate himself from the world; he extensively interacted with political figures. He maintained close relationships with leaders from around the world and made significant contributions to 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, Free to Choose. While hosting the program, he seized every opportunity to express his economic views and strongly criticized government intervention in the economy. At the same time, Friedman co-authored a companion economics book 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, the good teachers and friends he encountered during his student years, the great changes he experienced during his time, and so on. Of course, the enduring love of his wife, Rose, who stood by him for over 70 years, was also 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 reflection, becoming a grand work that reflects on the history of the 20th century!