Milton Friedman: The Last Conservative

Every great journey begins with humble steps, and the story of this towering economic mind is no exception. Born into a Jewish immigrant family in a small New Jersey town, his early years were marked by the warmth of close-knit community life and the shadows of social prejudice. The family ran a modest dry goods store, a hub of local commerce and social interaction, where the rhythms of daily life unfolded against the backdrop of an America grappling with rapid change. Despite the challenges, the boy's spirit was unyielding, marked by an insatiable curiosity and a sharp mind. His childhood was punctuated by moments both ordinary and extraordinary — from a scar gained in a minor accident that lent him a mischievous charm, to a steadfast adherence to, and eventual questioning of, his religious upbringing. The young editor-in-chief of his high school newspaper, he was never one to shy away from a debate or a challenge. This early exposure to the power of ideas and words laid the foundation for a lifetime spent shaping public discourse.

His academic talents shone brightly, yet life was not without its trials. The sudden loss of his father during his senior year thrust upon him new responsibilities and a sobering awareness of life's fragility. Yet, rather than dim his resolve, these events seemed to kindle a deeper determination. He embraced education as a beacon of opportunity, a belief captured in his own words about the land of opportunity where anything was possible. This optimism was not naïve but forged in the crucible of experience and reflection.

In the halls of Rutgers University, his journey continued. Initially drawn to mathematics with dreams of becoming an actuary, he encountered economics almost by chance. The field, though in a period of quiet, soon revealed itself as a gateway to understanding the pressing questions of his time — questions about prosperity, unemployment, and the very fabric of society. Under the mentorship of a young professor who would become a lifelong guide, he absorbed lessons on business cycles and institutional economics, blending empirical rigor with a restless search for deeper truths.

These formative years were not just about learning theories but about shaping a worldview — one that valued individual freedom, skepticism of unfettered government control, and a belief in the power of markets to coordinate human activity. Yet, he was also keenly aware of the imperfections and crises that challenged these ideals. It was in this tension between theory and reality, between optimism and caution, that his intellectual identity took root.

As this chapter closes, we see the emergence of a thinker poised at the intersection of tradition and innovation, ready to embark on a path that would transform economics and politics. The next section will delve into the rigorous academic crucible of Chicago and Columbia, where his ideas began to crystallize and his lifelong partnerships took shape.