In this episode, we explore the life and legacy of Milton Friedman, the Nobel Prize-winning economist who challenged the Keynesian consensus and became the "guru" of the Reagan administration. From his upbringing as the son of Jewish immigrants in New Jersey to leading the Chicago School of economics, we examine how Friedman became arguably the most influential economist of the second half of the 20th century.

Tune in as we discuss:

• The Monetarist Revolution: How Friedman challenged the economic establishment by arguing that inflation is "always and everywhere a monetary phenomenon" and that the Great Depression was caused by the Federal Reserve’s failure to manage the money supply.
• Key Theoretical Contributions: A deep dive into his Nobel-winning work on consumption anal ...