Jennifer Burns: evaluation

Transcript context

…What’s the future of Milton Friedman, say, 30, 40 years from now? Where will the reputation be? University of Chicago is no longer Friedmanite, right? We know that. There are fewer outposts of Friedmanite-thinking than there had been. Will he be underrated or somehow reinvented or what? Let me look into my crystal ball. I don’t think the name will have faded. I think there are still names that people read. People still read Keynes and Mill and figures like that to see what did they say in their day that was so influential. I think that Friedman has got into the water and into the air a bit. I do some work on tracing out his influence. Within economics, no one’s going to say, “Oh, I’m a Friedmanite,” or fewer people are, but this is someone whose major work was done half a century or more ago, so I don’t think that’s surprising. It would be surprising if economics had been at a standstill as Friedman still called the tune. When you think about the way we accord importance to the modern Federal Reserve, of course, there were things that happened in the world, but Friedman’s ideas did so much to shape that understanding. He’s still in policymakers’ minds. He’s still in the monetary policy establishment’s minds, even if they’re not fully following him. I think we’re in the middle of a big reckoning now. You saw all the debate about M2 and the pandemic and monetary spending. I don’t know where it’s all going to settle out. It’s a more complicated world than the one that Friedman looked at. I tend to think he is an essential thinker, that the basics of what he talked about are going to be known 50 years from now, for sure. Did Milton Friedman have friends?…

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