• 00:00    |    
    Initial credits
  • 00:06    |    
    Introduction by Lisardo Bolaños
  • 00:42    |    
    Why is Milton Friedman still relevant in today's world?
  • Life story
  • 04:44    |    
    Do Rose and Milton Friedman come from a tradition of suffering?
    • Family ancestry
    • Age of Enlightenment
    • Arrival in New York
    • Enthusiasm about economics
    • Importance of understanding an opponent's arguments
    • TV anecdote
    • Experiment with different ideological positions
  • 12:24    |    
    Have you been surprised by the outcome of experimenting different ideological views?
  • 14:06    |    
    Milton Friedman's early life
  • 15:07    |    
    How was Milton Friedman influenced by his hard-working mother?
    • Sense of social mobility
    • Health and safety regulations
    • Regulation and deregulation
    • Weakness of capitalism
  • 21:00    |    
    Can you explain Milton Friedman's k-percent rule?
    • Separation of powers
    • Idea of a central bank
    • Taylor's rule
    • Milton Friedman's first macroeconomic model
    • Legitimate role of the state
    • Balance of budget
    • Cyclical monetary policy
    • Monetary policy rule project
    • Alban William Housego (Bill Phillips)
    • Hydraulic macroeconomics
    • Invitation to Bill Phillips to work together with Milton Friedman
    • Friendship with Lionel Charles Robbins
    • Modeling inflation expectations
    • Dynamics of knowledge construction and destruction in economics
    • Fundamental malfunction of capitalism
    • Social responsibility of banking
    • Holding reserves and buying second-hand bonds
    • Capitalism
    • Social capital
  • 53:39    |    
    What is the meaning of Milton Friedman's words: "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian?"
    • Keynesian stimulus package
    • Problem with the flow in economics
    • Bubble bursting in capitalism
    • Challenge of macro
    • Central collection savings
    • Auction national savings
    • Pre-tax savings
  • 01:02:47    |    
    Final words
  • 1:02:58    |    
    Final credits

Milton Friedman’s Legacy

New Media  | 31 de julio de 2012  | Vistas: 205

Robert Leeson talks about the legacy of Milton Friedman to the field of economics, and by sharing several different anecdotes, he tells Friedman's personal background and comments on the impact that the crosscurrents of the twenty and twenty-first century had in his life. Leeson makes reference to biographical events such as Friedman's family life in Europe, his wife's family experiences during the Holocaust, his arrival to New York, the impact of his mother's job and the early demise of his father, which somehow, led him to economics.

Through a quick view of American history, Leeson talks about Friedman's major contribution to macroeconomics, the creation of a monetary system, the macroeconomic model, and banking, among others.

Leeson concludes this interview by talking about Milton Friedman’s engagement with the Keynesians and comments on subjects like Keynesians stimulus package, problems of capitalism, and possible banking solutions for better macroeconomics.


Robert Leeson is a prolific researcher and writer of economic journals…