Milton Friedman: a biography

311 Pages·2007·2.357 MB·English

by  Friedman, Milton;Ebenstein, Alan O

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MILTON FRIEDMAN
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ALSO BY LANNY EBENSTEIN
The Greatest Happiness Principle:
An Examination ofUtilitarianism
Great Political Thinkers: Plato to the Present(coauthor)
Introduction to Political Thinkers(coauthor)
Today’s Isms: Socialism,Capitalism,Fascism,
Communism,Libertarianism(coauthor)
Edwin Cannan: Liberal Doyen
Friedrich Hayek: A Biography
Hayek’s Journey: The Mind ofFriedrich Hayek
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MILTON FRIEDMAN
A Biography
Lanny Ebenstein
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To Rob
MILTONFRIEDMAN
Copyright © Lanny Ebenstein,2007
All rights reserved.No part ofthis book may be used or reproduced in any manner
whatsoever without written permission except in the case ofbriefquotations
embodied in critical articles or reviews.
First published in 2007 by
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ISBN-13:978-1-4039-7627-7
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Inflation is always and everywhere a monetary phenomenon.
—Inflation: Causes and Consequences
We are as a people still free to choose which way we should
go—whether to continue along the road we have been fol-
lowing to ever bigger government, or to call a halt and
change direction.
—Free to Choose
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CONTENTS
Preface ix
Introduction 1
I.1912 to 1946
1. Early Life 5
2. Undergraduate Years 13
3. University of Chicago and Columbia 19
4. Rose 31
5. World War II 41
6. Return to Academe 47
II.1946 to 1976
7. Department of Economics 53
8. “Positive Economics” 63
9. Family 77
10. Professor 85
11. A Theory ofthe Consumption Function 97
12. Keynes 105
13. A Monetary History ofthe United States 113
14. Chicago School of Economics 129
15. Capitalism and Freedom 135
16. Travel and Goldwater 147
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17. Colleagues 155
18. Public Intellectual and Policy Proposals 169
19. Nixon and the Nobel Prize 185
III.1977 to 2006
20. Free to Choose 197
21. Reagan and International Influence 205
22. Hayek and the Role of Ideas 215
23. School Vouchers and Social Issues 223
24. Friedman Prize 231
Epilogue 241
Appendix 243
Bibliographical Essay 250
Notes 267
Index 285
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PREFACE
he influence of Milton Friedman on our lives is signifi-
cant.His contributions in economic theory and public
T
policy have arguably added tens of trillions of dollars
to world product over time. In this book I give an ac-
count of his life and provide an introduction to his work. Specifi-
cally,I focus on Friedman’s work in economics and his advocacy of
libertarian ideas and government reform. In general, chapters one
to six cover his youth and early career; chapters seven to nineteen,
his mature career as an economist at the University of Chicago;and
chapters twenty to twenty-four,his life as a public figure and in old
age. In addition, a recent interview with him is provided as an ap-
pendix, and the bibliographical essay provides an introduction to
the secondary literature on Friedman.
Friedman lives his life for a purpose, the utilitarian goal of pro-
ducing the greatest good for the greatest number while being happi-
est oneself.His political goal is the greatest freedom possible.
I interviewed Friedman five times in person between 2000 and
2005 for this book,and I interviewed him once in 1995 for my biog-
raphy of Friedrich Hayek. Friedman and his wife, Rose, reviewed
preliminary drafts of what are now the first four chapters here, and
he reviewed preliminary drafts of remaining chapters. He also re-
viewed a semi-final version of the first nine chapters here. We have
exchanged fifteen or so pieces of correspondence on this project
since 2000.
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