Milton Friedman by Jennifer Burns Summary

Milton Friedman: The Last Conservative by Jennifer Burns is a comprehensive biography exploring Friedman’s transformative role in 20th-century economics and conservatism. It delves into his groundbreaking work on monetary policy, free-market advocacy, and critiques of government intervention, while examining his collaborations with figures like Anna Schwartz and influence on policymakers. Burns uses archival sources to reveal his intellectual evolution and legacy as a neoliberal pioneer.

This book is ideal for economics enthusiasts, historians, and readers interested in conservatism’s ideological roots. Burns’ accessible explanations of complex theories make it valuable for both academics and general audiences seeking to understand Friedman’s impact on modern economic policy and political thought.

Yes. Critics praise Burns’ balanced approach, meticulous research, and engaging narrative. The biography offers nuanced insights into Friedman’s personal and professional life, making it a definitive resource on his contributions to economics and conservatism.

The book highlights Friedman’s advocacy for monetarism (emphasizing money supply’s role in inflation), free-market capitalism, and limited government intervention. Burns explains his analysis of wage disparities, critiques of Keynesian economics, and belief in individual freedom as drivers of prosperity.

Burns positions Friedman as a foundational figure in neoliberal thought, arguing he redefined conservatism by merging free-market principles with anti-statist ideology. His work influenced policies like deregulation and tax cuts, shaping Republican and libertarian movements.

The biography details Friedman’s partnership with economist Anna Schwartz on monetary history, his complex ties to Fed Chair Arthur Burns, and advisory roles under leaders like Richard Nixon. Burns also explores his alliances with think tanks to advance libertarian ideas.

Yes. Burns critiques Friedman’s opposition to 1960s civil rights legislation, arguing his rigid free-market principles sometimes clashed with social justice. She also examines accusations that his policies exacerbated inequality.

As the first biography using Friedman’s personal archives, Burns offers unprecedented insights into his intellectual journey and private correspondence. Earlier accounts lacked this depth, often focusing narrowly on his economic theories.

1. Monetarism’s enduring influence on central banking.
2. Friedman’s role in popularizing neoliberalism.
3. The tension between free-market ideals and societal equity.
4. His legacy as a bridge between academia and policymaking.

Burns argues his ideas remain vital in debates over inflation, stimulus spending, and government overreach. His critiques of centralized planning resonate in discussions about AI regulation and post-pandemic recovery.

Some reviewers note Burns underplays negative consequences of Friedman’s policies, such as income inequality. Others argue her focus on archival material occasionally overshadows broader historical context.

As global economies grapple with climate regulations and tech-driven markets, Burns’ analysis provides a framework for understanding libertarian responses to modern crises. The biography also revisits Friedman’s warnings about bureaucratic overreach in light of recent policy debates.