Milton Friedman: The Last Conservative

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This chapter explores the controversial figure and economist Milton Friedman, discussing his beliefs, political affiliations, and the reasons why he may be considered the last conservative. The conversation also delves into the role of Henry Simons in the Chicago school and his influence on Friedman's ideas about limited government and personal responsibility.

Who was Milton Friedman? Jennifer Burns of Stanford University finds in her biography of Friedman that the answer to that question is more complicated than she thought. Listen as she and EconTalk's Russ Roberts discuss how the now-forgotten Henry Simons shaped Friedman's thought, the degree to which Friedman had a deep understanding and belief in the role of prices in a modern economy, and the influence of key women on Friedman's intellectual life. Finally, they explore whether or not Friedman's insights continue to affect public policy and the discipline of economics.