Typical water cooler topics are the latest candidates for American Idol, or the Super Bowl matchup. But at our office this morning there was more buzz about a documentary aired on PBS about Milton Friedman, renowned economist, Nobel laureate, champion of free markets--and, if you stop to think about it, a man central to the development of the Deal Economy.
The program first aired on PBS Monday evening and is -- as another network likes to say -- must-see TV.
"Power of Choice: The Life and Ideas of Milton Friedman" will air again on Thursday, February 1, 3:30 am (in New York's metro area). So, fire up the Tivo.
The documentary on Friedman, who was born in 1912 and died last year, offers interviews with former Federal Reserve chairman Alan Greenspan, economists Gary Becker and Paul Samuelson, and former Estonian prime minister Mart Laar. Viewers also hear from Friedman's wife Rose. The Friedmans met at the University of Chicago, where both studied economics and she first began serving as a sounding board for his ideas. Viewers may also find family photos interesting, especially footage of the economist on a lawn mower at the family's Vermont property.
The documentary - which starts with a look at Baltic republic of Estonia as an example of an economy that successfully embraced Friedman's ideas of free markets - gives a broad overview of the economist's rich life.
Friedman was born in Brooklyn and then moved to New Jersey. Friedman studied at Rutgers University and there is mention of a business he started with a classmate: selling the green ties Rutgers freshmen were required to wear.
The documentary traces the development of Friedman's ideas and how they were shaped by his surroundings. Friedman attended the University of Chicago where he was greatly influenced by its faculty, especially Jacob Viner and Frank Knight.
Friedman grew up in the era of The Great Depression at a time when Franklin Delano Roosevelt's New Deal policies were in full swing. Indeed, the New Deal offered him a source of employment--a bit of an irony considering his beliefs about limiting the role of government.
The show also recalls Friedman's role in ending the draft, his constant warnings about the perils of inflation, his influence on Ronald Reagan's administration, and even a television series called "Free To Choose" that took him around the world to explore different economies.
Anecdotes offered by Alan Greenspan enrich the program and bring back to life some of the debates Friedman had with U.S. generals about an all-volunteer military during the Nixon era.
Friedman's ideas may have also set the foundation for economic and social reform in Chile. In a meeting with Chile's former dictator Augusto Pinochet the economist advocated a free and open society. His meeting with the dictator created a furor that followed the economist to his Nobel prize ceremony.
The documentary also mentions a lengthy meeting Friedman had with China's communist leaders about opening its markets, but there is little in the way of specifics about that meeting. The results of their discussions, though, may be self-evident.
While a government's role cannot be entirely dismissed -- without government backing there would be no long-term mortgages and housing in the U.S. would not be as affordable -- Friedman likely will be remembered as one of the most influential thinkers of the later half of the 20th century.
Interestingly, while his ideas are required curriculum in U.S. class rooms, they are now routinely being put into practice in former Communist nations throughout Europe and Asia.--Aleksandrs Rozens
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