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The Increasingly Libertarian Milton Friedman: An Ideological Profile

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  • Lanny Ebenstein

Abstract

This article traces the evolution of Milton Friedman’s ideological views over the course of his adult life. It finds the evolution to be from a moderate liberalism to a definite classical liberalism and then, during the last 50 years of his life, to an increasingly robust libertarianism. Friedman explicitly acknowledged a change in his views on a number of policy issues; also, sometimes even if his opinion on an issue did not change, the strength with which he held and promoted it did. A significant point in Friedman’s life was his retirement and relocation to San Francisco in 1976. There he became almost exclusively a public policy advocate, and his mode of discourse shifted significantly away from empirical demonstration and toward invoking and applying what he considered to be the broad verities and maxims of the outlook he had established for himself.

Suggested Citation

  • Lanny Ebenstein, 2014. "The Increasingly Libertarian Milton Friedman: An Ideological Profile," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 81-96, January.
    • Handle: RePEc:ejw:journl:v:11:y:2014:i:1:p:81-96
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    References listed on IDEAS

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    1. John Blundell, 2013. "Where Is the Next Rose Director?," Econ Journal Watch, Econ Journal Watch, vol. 10(2), pages 162-166, May.
    2. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
    3. Milton Friedman, 2001. "Friedman on Friedman," Rivista di storia economica, Società editrice il Mulino, issue 1, pages 127-132.
    4. repec:ucp:bkecon:9780226264141 is not listed on IDEAS
    5. David R. Henderson, 2005. "The Role of Economists in Ending the Draft," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 362-376, August.
    6. Hammond,J. Daniel, 1996. "Theory and Measurement," Cambridge Books, Cambridge University Press, number 9780521552059, September.
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    Cited by:

    1. Ötsch, Walter & Pühringer, Stephan, 2017. "Right-wing populism and market-fundamentalism: Two mutually reinforcing threats to democracy in the 21st century," Working Paper Serie des Instituts für Ökonomie Ök-26, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    2. Ötsch, Walter Otto, 2015. "Die Politische Ökonomie "des" Marktes: Eine Zusammenfassung zur Wirkungsgeschichte von Friedrich A. Hayek," Working Paper Serie des Instituts für Ökonomie Ök-10, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    3. Ötsch, Walter & Pühringer, Stephan, 2019. "The anti-democratic logic of right-wing populism and neoliberal market-fundamentalism," Working Paper Serie des Instituts für Ökonomie Ök-48, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    4. Maciej Ryczkowski, 2015. "Ewolucja pogladow Miltona Friedmana, a ocena polityki pienieznej Fed i EBC w okresie kryzysu finansowego," Working Papers 168/2015, Institute of Economic Research, revised Dec 2015.

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    More about this item

    Keywords

    Milton Friedman; economists; liberalism; libertarianism; ideology; ideological migration; intellectual biography;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals

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