Book recommendation
The Last Conservative
Greetings Prosperous Souls,
Back in May, I wrote a review of Milton Friedman’s Capitalism and Freedom. It’s one of the most famous books on economics ever written, and it blew me away.
Recently, I dove back into the world of Friedmanomics and finished Jennifer Burns’ The Last Conservative, a biography of Milton himself.
Touted as a deep dive into Friedman’s life, it reads more like an economic history of the United States (starting from the Great Depression up to Biden’s presidency).
I was shocked to learn that Friedman’s way of thinking about inflation—the very theory he was famous for—wasn’t mainstream until the 1980s.
Before this, he was a rebel, fighting the dominant view of Keynesian economics that had taken root in the U.S. during the early 1900s.
Rise to Power
Friedman grew from his role as a respected professor at the University of Chicago to become one of the most influential economists of the 20th century.
Not only did he advise Barry Goldwater’s presidential campaign—helping pave the way for Ronald Reagan years later—but he also counseled fiery world leaders like Margaret Thatcher and Augusto Pinochet on how to revitalize their economies.
Friedman won the Nobel Prize in 1976, but his ideas didn’t reach legendary status until Reagan took office in 1981. Buoyed by the Federal Reserve’s aggressive interest rate hikes that crushed persistent inflation, Milton’s “money supply” theories laid the groundwork for the economic boom of the 1980s and ‘90s.
Friedman is heralded as the most influential economic voice of the 20th century. I’d go even further and say that next to Adam Smith, he’s one of the most influential economic figures in human history.
Conclusion
Overall, Burns’ book was enjoyable, but most of it focused on the competing economic theories of Monetarism and Keneysism. Pundits still debate which approach is appropriate today. If you’re looking for a straightforward biography on Friedman, this book may disappoint. However, if economic theory interests you, then dive right in.
Embracing monetarism,
Cory De Silva
About: Cory De Silva is an American poet, singer/songwriter, screenwriter, actor, and filmmaker. He has released two studio albums, acted in three feature-length films, and published a small book of poetry. He is a graduate of CSU Long Beach, and lives in Northern California with his wife, Colleen, and their son, Bryght.