4.9 • 683 Ratings
🗓️ 3 June 2021
⏱️ 8 minutes
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In this teaser episode we do a quick recap on why the fuck we're so mad at Milton Friedman and briefly summarize prior episodes that are useful primers on our upcoming blowout episode on The Chicago School of Economics.
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0:00.0 | Who was Milton Friedman? |
0:04.0 | His ideas about free markets and monetary policy turned the conventional Keynesian world upside down, |
0:10.0 | forever changing the world's macroeconomic landscape. |
0:15.0 | What does he represent that makes him the darling of neoliberals, libertarians, and conservatives. |
0:22.5 | Dr. Friedman has illuminated the importance of preventing government from manipulating markets. |
0:28.5 | He's drafted a whole series of constitutional amendments to limit taxation and government spending, |
0:35.2 | to limit debt, to limit the money supply, tariffs, and government interference with market pricing mechanisms. |
0:43.3 | And what is his legacy today? |
0:46.3 | Like the great president he inspired, instead of catering to the conventional wisdom, he redefined convention. |
0:58.0 | His were the opening shots of the Reagan Revolution. |
1:03.0 | This is the Milton Friedman that we've been chasing on fuckers. |
1:09.2 | The Nobel Prize-winning economist lauded for dedication to price theory and monetary policy, |
1:11.9 | the man more associated with the University of Chicago than John D. Rockefeller who bankrolled it. |
1:16.1 | A man whose confidence overshadowed his petite physical form and made him a giant among |
1:22.2 | contemporaries. |
1:23.7 | A master polemicist, a shrewd politician in his own right, and the destroyer of Keynesian theory. |
1:31.5 | Milton Friedman was indeed larger than life, and the only thing bigger than his ego is the impact |
1:37.1 | that he had on the field of economics. |
1:40.7 | Friedman did for economists what Steve Jobs did for computer geeks. |
1:45.0 | Before Friedman, economists were cast aside as purveyors of the, quote, dismal science. |
1:51.2 | They were second-class citizens in academia and in Washington, with one and only one exception. |
1:57.9 | John Maynard Keynes. |
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