Jennifer Burns

Yes, yes, exactly right. So this is the situation in the 1920s, but... The other piece I should mention is the first generation of progressive economists were very radical. They were closely allied with the socialist movement, with labor radicalism, and many of them lost their jobs at universities. This kind of connects to the early, the dawn of academic freedom. This is before academic freedom.

And they became, they were chastened. They became much more mainstream. By the time we get to the 1920s, we don't really have radical critiques of society coming from economists. Much smaller profession, much less important than it is today. And fairly peaceful, because the 1920s are a fairly peaceful decade in the United States. So this is a situation when the Great Depression hits.

And they became, they were chastened. They became much more mainstream. By the time we get to the 1920s, we don't really have radical critiques of society coming from economists. Much smaller profession, much less important than it is today. And fairly peaceful, because the 1920s are a fairly peaceful decade in the United States. So this is a situation when the Great Depression hits.

And they became, they were chastened. They became much more mainstream. By the time we get to the 1920s, we don't really have radical critiques of society coming from economists. Much smaller profession, much less important than it is today. And fairly peaceful, because the 1920s are a fairly peaceful decade in the United States. So this is a situation when the Great Depression hits.

And as I mentioned before, the head, the kind of most important institutional economist is Wesley Mitchell. And he has said, he's written a whole book on business cycles. But he doesn't see this business cycle coming, and it hits, and he doesn't have a good explanation for it. Now, perhaps the preeminent neoclassical economist was Irving Fisher.

And as I mentioned before, the head, the kind of most important institutional economist is Wesley Mitchell. And he has said, he's written a whole book on business cycles. But he doesn't see this business cycle coming, and it hits, and he doesn't have a good explanation for it. Now, perhaps the preeminent neoclassical economist was Irving Fisher.

And as I mentioned before, the head, the kind of most important institutional economist is Wesley Mitchell. And he has said, he's written a whole book on business cycles. But he doesn't see this business cycle coming, and it hits, and he doesn't have a good explanation for it. Now, perhaps the preeminent neoclassical economist was Irving Fisher.

Now, Irving Fisher is big into the stock market, and Irving Fisher says sometime in late summer, 1929, stocks are going ever higher and will continue to go ever higher forever. And so he loses his reputation after the stock market crash. So Milton Friedman is stepping into a field in which the greats have been discredited. And there's an enormous economic crisis all around.

Now, Irving Fisher is big into the stock market, and Irving Fisher says sometime in late summer, 1929, stocks are going ever higher and will continue to go ever higher forever. And so he loses his reputation after the stock market crash. So Milton Friedman is stepping into a field in which the greats have been discredited. And there's an enormous economic crisis all around.

Now, Irving Fisher is big into the stock market, and Irving Fisher says sometime in late summer, 1929, stocks are going ever higher and will continue to go ever higher forever. And so he loses his reputation after the stock market crash. So Milton Friedman is stepping into a field in which the greats have been discredited. And there's an enormous economic crisis all around.

Yes. And the other thing he's stepping into is a world where in the United States, there's a great deal of anger. at capitalism, at the system, unemployed people on the street. In Europe, there's rising fascist movements. In Asia, there's rising fascist movements. And so everyone's very concerned about this.

Yes. And the other thing he's stepping into is a world where in the United States, there's a great deal of anger. at capitalism, at the system, unemployed people on the street. In Europe, there's rising fascist movements. In Asia, there's rising fascist movements. And so everyone's very concerned about this.

Yes. And the other thing he's stepping into is a world where in the United States, there's a great deal of anger. at capitalism, at the system, unemployed people on the street. In Europe, there's rising fascist movements. In Asia, there's rising fascist movements. And so everyone's very concerned about this.

And Friedman is seeing a lot of this through the lens of Frank Knight, who feels like we are maybe reaching the end of what he calls liberalism. He calls himself an old-fashioned liberalism. We're reaching the end of representative democratic government because representative democratic government cannot solve these social problems.

And Friedman is seeing a lot of this through the lens of Frank Knight, who feels like we are maybe reaching the end of what he calls liberalism. He calls himself an old-fashioned liberalism. We're reaching the end of representative democratic government because representative democratic government cannot solve these social problems.

And Friedman is seeing a lot of this through the lens of Frank Knight, who feels like we are maybe reaching the end of what he calls liberalism. He calls himself an old-fashioned liberalism. We're reaching the end of representative democratic government because representative democratic government cannot solve these social problems.

And capitalism as it has developed, Knight is very pro-capitalist, but he says it's generating inequality and this is putting too many strains on the system. So Knight will become one of the people who helps Friedman think, how do I develop a new theory of capitalism

And capitalism as it has developed, Knight is very pro-capitalist, but he says it's generating inequality and this is putting too many strains on the system. So Knight will become one of the people who helps Friedman think, how do I develop a new theory of capitalism

And capitalism as it has developed, Knight is very pro-capitalist, but he says it's generating inequality and this is putting too many strains on the system. So Knight will become one of the people who helps Friedman think, how do I develop a new theory of capitalism

that works in an era of mass democracy, where people can vote and people can express at the ballot box their unhappiness with what's happening economically. So this larger movement will generate, of which F.A. Hayek is a part, Friedman is a part, that becomes the very early stirrings of trying to think about a new sort of liberalism, which will eventually be called neoliberalism.