Jennifer Burns, a professor of history at Stanford, discusses her biographies on Ayn Rand and Milton Friedman. They cover Friedman's impact in statistics, his shift from academic to public intellectual, and his views on friendship and fiction. They also explore Rand's work as a screenwriter, her novels and the lack of successful businesswomen in American fiction. They delve into the decline of the American conservative intellectual condition and the future of Friedman's intellectual legacy.
Milton Friedman evolved in his thinking over time, transitioning from a quantitative approach to a more qualitative approach in understanding human economic behavior.
Friedman's early experiences with math and statistics shaped his thinking and paved the way for his later contributions to economics.
Friedman strategically established himself as a prominent economist and conservative thinker by timing his major scientific work before entering the public realm.
Deep dives
Milton Friedman's Shift in Perspective
Jennifer Burns discusses how her book on Milton Friedman led her to reassess his ideas and career. She initially focused on Friedman as a public figure, but came to appreciate his depth as an economist. She found that Friedman had a consistent message while also evolving in his thinking over time. For example, Friedman began his career in the field of mathematical economics but eventually rejected it in favor of a more qualitative approach that he believed better understood human economic behavior.
Friedman's Early Work in Math and Statistics
Burns highlights Friedman's early experiences with math and statistics. He was trained by renowned mathematical economists at Columbia University in the 1930s and initially embraced the quantitative approach. However, he eventually rejected it, realizing that it did not provide a comprehensive understanding of the economic world. Friedman's work with data during the Great Depression and World War II, which involved statistical analysis and developing efficient testing methods, shaped his thinking and paved the way for his later contributions to economics.
Friedman's Journey as a Public Intellectual
Burns explores the shift in Friedman towards becoming a leading public intellectual. She traces his transition from focusing on academic work to engaging with the broader public. Friedman's collaboration with economists like Anna Schwartz and his groundbreaking book, 'A Monetary History of the United States,' propelled him into the public eye. By strategically timing his major scientific work before stepping into the public realm, Friedman was able to establish himself as a prominent economist and conservative thinker. His influence only grew further after winning the Nobel Prize in Economics.
Milton Friedman's Influence in Britain
Milton Friedman had both intellectual and symbolic impact in Britain. His ideas on the long-run trade-off between inflation and unemployment resonated with key figures in the British political establishment. However, his advice on monetary policy was not entirely suitable for the British monetary system at the time. Additionally, his controversial connection to the Pinochet regime in Chile made him a divisive figure in British politics, reducing the resonance of his celebration of individual freedom in the UK.
Milton Friedman's Role in Chile
In Chile, Milton Friedman's role was more about certifying and explaining a policy change that had already been decided. He advocated for cutting spending and implementing market-oriented reforms to combat high inflation rates. However, Friedman was not the mastermind behind these policies, and his presence in Chile became controversial after he won the Nobel Prize, coinciding with the assassination of a regime critic. His association with the regime caused him to be seen as a Western endorser, obscuring the economic issues created by the Aende government in Chile.
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.