As Americans struggle to pay their bills in the face of inflation, policymakers and economists are debating the best way to control rising prices.  Central to that debate are ideas first put forward by Milton Friedman, winner of the 1976 Nobel Prize for economics, and a leading theorist of inflation. Friedman was an outspoken proponent of the free market and small government, and one of the most influential economists of all time. His ideas on monetary policy, taxation, privatization and deregulation have had enormous impact on government policies in the U.S. (and around the world) for over 50 years, including the Federal Reserve’s response to the global financial crisis. In this re-broadcast of our episode (which originally posted in 2020), Friedman talks about growing up in a home with poorly-educated, immigrant parents, and about how he fell in love with math. He explains how the Depression and the New Deal opened his eyes to the importance of economics. And he lays out his analysis of market forces and the role of government. Thirty years after this interview was recorded, his ideas are as provocative as ever.

(c ) American Academy of Achievement 2020-2022