Two lucky people

Author: (American) Friedman
Publisher:
Publish Date: 2004-01-01
Features: 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 regarded as the classic economic theory. The "rebellious" 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, for which he endured much ridicule. After reflection, history ultimately bowed to him. For his contributions to the development of monetarist theory and 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, alongside Keynes. In the United States, his proposals in the 1950s—such as low taxes, education vouchers, and a negative income tax—gained widespread support, while in many developing countries outside the U.S., many adopted his "free-market economy" theory and abandoned the centrally planned economy they had adhered to for years. As an economist, Friedman did not isolate himself from the world; he actively engaged with political figures. He maintained close relationships with leaders from around the world and made significant contributions 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, 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 renowned economics book with his wife, also an economist, 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 during his student years, to the great changes he experienced during his time, and so on. Of course, the enduring love of his partner, 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 and becomes a grand work of reflection on the history of the 20th century!