Henderson on Burns on Milton Friedman

Fans of economist Milton Friedman—of whom I am one—are fortunate that Stanford historian Jennifer Burns has written a detailed biography of him. Based on the intensive archival research that only a patient, first-rate historian can undertake, she describes his intellectual life at its various stages, from his time in high school to his death. Gradually we see how he struggled to figure out his role in academia in the 1930s and even, to some extent, in the 1940s. Burns also shows in detail the major influences in his life and, later, the many ways in which he influenced the economics profession and the larger world of policy – ​​in taxation, monetary policy, welfare policy and design, to name but a few. to name four. most important.

Her book is by no means a hagiography. She criticizes Friedman at several points, sometimes unfairly. She is also a bit unfair to his wife, Rose Friedman, herself an economist. But that makes Burns’s many positive evaluations of Milton’s work all the more credible.

Although, as noted, she is a historian and not an economist, and sometimes makes minor mistakes in her economic expositions, her great insight into economics is impressive, especially when it comes to one of the most difficult issues to understand: the monetary policy. In fact, she explains that the Federal Reserve does not directly control interest rates any better than many economists I have read.

These are the opening paragraphs of mine judgement from Jennifer Burns’ book Milton Friedman: The Last Conservative, RegulationSummer 2024.

As I explain at the end of the review, I am not in love with the title of the book, to say the least. But that’s not the most important part of my review. I praise many things in the book and criticize some.

Read the whole thing.