Milton Friedman on Freedom: Selections from The Collected Works of Milton Friedman

by Milton Friedman, Robert Leeson (Editor), Charles G. Palm (Editor)

In this book, Robert Leeson and Charles Palm have assembled an amazing collection of Milton Friedman’s best works on freedom. Even more amazing is that the selection represents only 1 percent of the 1,500 works by Friedman that Leeson and Palm have put online in a user-friendly format—and an even smaller percentage if you include their archive of Friedman’s audio and television recordings, correspondence, and other writings. This book and the larger online collection are sorely needed and very welcome. Milton Friedman deserves to be read in the original by generation after generation.

260 pages, Hardcover

Published April 1, 2017

About the author

Milton Friedman was an American economist who became one of the most influential and controversial figures of the twentieth century, widely recognized for his profound contributions to monetary economics, consumption theory, and the defense of classical liberalism. A leading figure of the Chicago School of Economics, Friedman challenged the prevailing Keynesian consensus that dominated mid-century policy and instead placed monetary policy at the center of economic stability, arguing that changes in the money supply were the primary drivers of inflation and fluctuations in output. His groundbreaking permanent income hypothesis reshaped the study of consumer behavior by suggesting that individuals make spending decisions based on long-term expected income rather than current earnings, a theory that profoundly influenced both academic research and practical policymaking. Alongside Anna Schwartz, Friedman coauthored A Monetary History of the United States, 1867–1960, a monumental work that emphasized the role of Federal Reserve mismanagement in deepening the Great Depression, a thesis that redefined historical understanding of the period and helped establish monetarism as a major school of thought. His broader philosophy was articulated in works such as Capitalism and Freedom, where he argued that political and economic liberty are interdependent and advanced ideas like educational vouchers, voluntary military service, deregulation, floating exchange rates, and the negative income tax, each reflecting his conviction that society functions best when individuals are free to choose. Together with his wife Rose Friedman, he later brought these ideas to a global audience through the bestselling book and television series Free to Choose, which made complex economic principles accessible to millions and expanded his influence beyond academia. Awarded the Nobel Prize in Economic Sciences in 1976 for his achievements in consumption analysis, monetary history, and stabilization policy, Friedman became a prominent public intellectual, sought after by policymakers and leaders around the world. His ideas strongly influenced U.S. policy in the late twentieth century, particularly during the administration of Ronald Reagan, and found resonance in the economic reforms of Margaret Thatcher in the United Kingdom, both of whom embraced aspects of his prescriptions for free markets and limited government intervention. Friedman’s policy recommendations consistently opposed measures he regarded as distortions of market efficiency, including rent control, agricultural subsidies, and occupational licensing, while he proposed alternatives such as direct cash transfers through a negative income tax to replace complex welfare bureaucracies. His teaching career at the University of Chicago shaped generations of economists, many of whom extended his research and helped institutionalize the Chicago School as a major force in global economic thought, while his later role at the Hoover Institution at Stanford University provided him with a platform to continue his scholarship and public advocacy. Beyond technical economics, Friedman’s clarity of expression and ability to frame debates in terms of individual freedom versus state control made him one of the most recognizable intellectuals of his era, admired by supporters for his defense of personal liberty and market efficiency, and criticized by detractors who accused him of underestimating inequality, social costs, and the complexities of government responsibility. Despite the controversies, his impact on the development of modern economics was immense, reshaping debates about inflation, unemployment, fiscal policy, and the role of the central bank. His writings, lectures, and media appearances consistently reinforced his belief that competitive markets, voluntary exchange, and limited government intervention offer the most effective means of promoting prosperit

Reviews

[Corrinne · Rating 3 out of 5]

Read for TPIF retreat on economics. As a non-economically minded person, this was a good, easy way to understand Friedman’s free market arguments without getting too dense into theory. At times, however, it was pretty repetitive, as the selections are various speeches and writings of Friedman’s that have some overlap.

As for the arguments themselves, Friedman is compelling but perhaps too extreme—I for one would like to keep my national parks. And he offers little insight, in my opinion, for some of the economic problems we are currently facing; namely, how do we keep Americans employed in a free market system when foreign labor and materials are often cheaper (and likewise often rife with human rights concerns)?

[Ronald J. · Rating 5 out of 5]

An excellent collection of essays by Friedman, all on economic and political freedom. He lays out the philosophy of liberty, the justifications for the free market, and even critiques libertarianism, including his son's, David Friedman, version of anarchy-libertarianism. Very thought-provoking and well-reasoned. Some of these essays I had never seen, and they are in chronological order so you can see how Friedman's thinking evolved.

[Rob Weinhold · Rating 5 out of 5]

Great great read!

Outstanding expose on Dr. Friedman. I thoroughly enjoyed the book!!! Without a doubt, Friedman’s books and words are timeless and everlasting!!!