Early Work and Transition in Economics

12min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

This chapter discusses the early work of Friedman in math and statistics, highlighting its importance and timing. It explores the transition of economics towards a more quantitative field during Friedman's time and how he was at the forefront of this shift. The chapter also delves into Friedman's rejection of mathematical economics, despite his initial success in the field, and his contribution to statistical techniques and methods. Additionally, it touches on his involvement in analyzing government data during the Great Depression and his work on testing munitions during World War II.

Jennifer Burns is a professor of history at Stanford who works at the intersection of intellectual, political, and cultural history. She’s written two biographies Tyler highly recommends: her 2009 book, Goddess of the Market: Ayn Rand and the American Right and her latest, Milton Friedman: The Last Conservative, provides a nuanced look into the influential economist and public intellectual.

Tyler and Jennifer start by discussing how her new portrait of Friedman caused her to reassess him, his lasting impact in statistics, whether he was too dogmatic, his shift from academic to public intellectual, the problem with Two Lucky People, what Friedman’s courtship of Rose Friedman was like, how Milton’s family influenced him, why Friedman opposed Hayek’s courtesy appointment at the University of Chicago, Friedman’s attitudes toward friendship, his relationship to fiction and the arts, and the prospects for his intellectual legacy. Next, they discuss Jennifer’s previous work on Ayn Rand, including whether Rand was a good screenwriter, which is the best of her novels, what to make of the sex scenes in Atlas Shrugged and The Fountainhead, how Rand and Mises got along, and why there’s so few successful businesswomen depicted in American fiction. They also delve into why fiction seems so much more important for the American left than it is for the right, what’s driving the decline of the American conservative intellectual condition, what she will do next, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded August 30th, 2023.

Other ways to connect

Follow us on X and Instagram
Follow Tyler on X
Follow Jennifer on X
Join our Discord
Email us: cowenconvos@mercatus.gmu.edu
Learn more about Conversations with Tyler and other Mercatus Center podcasts here.