Binyamin Appelbaum on the Economists' Hour

In this influential book, Milton Friedman discusses the role of economic capitalism in a liberal society. He argues that economic freedom is a precondition for political freedom and advocates for limited government intervention. The book covers various topics, including the relation between economic and political freedom, the role of government in a free society, monetary policy, international trade arrangements, and the role of government in education. Friedman's work has been highly influential in economic theory and policymaking, and the book has been translated into eighteen languages and sold over half a million copies since its publication in 1962.

The Economists' Hour chronicles the historic ascent of economists in influence, particularly from the late 1960s onwards. The book details how economists, such as those from the Chicago School, including Milton Friedman, Arthur Laffer, and others, gained significant power in shaping economic policies. It explores their beliefs in free markets and deregulation, and how these policies affected economic equality, liberal democracy, and future generations. The book also critiques the failures of these economic policies, including their role in the 2008 financial crisis and the subsequent erosion of public trust in economists. Appelbaum argues that the single-minded embrace of market principles has come at the expense of broader societal well-being[1][3][5].