#457 – Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom

Listen to this episode from Lex Fridman Podcast on Spotify. Jennifer Burns is a historian of ideas, focusing on the evolution of economic, political, and social ideas in the United States in the 20th century. She wrote two biographies, one on Milton Friedman, and the other on Ayn Rand.Thank you for listening ❤ Check out our sponsors: https://lexfridman.com/sponsors/ep457-sdSee below for timestamps, transcript, and to give feedback, submit questions, contact Lex, etc. Transcript:https://lexfridman.com/jennifer-burns-transcript CONTACT LEX:Feedback - give feedback to Lex: https://lexfridman.com/surveyAMA - submit questions, videos or call-in: https://lexfridman.com/amaHiring - join our team: https://lexfridman.com/hiringOther - other ways to get in touch: https://lexfridman.com/contact EPISODE LINKS:Jennifer's X: https://x.com/profburnsJennifer's Website: https://www.jenniferburns.org Jennifer's Books:Milton Friedman biography: https://amzn.to/4hfy1HOAyn Rand biography: https://amzn.to/4afr3A0 SPONSORS:To support this podcast, check out our sponsors & get discounts:Brain.fm: Music for focus.Go to https://brain.fm/lexGitHub: Developer platform and AI code editor.Go to https://gh.io/copilotLMNT: Zero-sugar electrolyte drink mix.Go to https://drinkLMNT.com/lexShopify: Sell stuff online.Go to https://shopify.com/lexAG1: All-in-one daily nutrition drinks.Go to https://drinkag1.com/lex OUTLINE:(00:00) - Introduction(00:48) - Milton Friedman(15:41) - The Great Depression(29:58) - Schools of economic thought(41:05) - Keynesian economics(48:53) - Laissez-faire(56:43) - Friedrich Hayek(1:02:01) - Money and monetarism(1:16:46) - Stagflation(1:21:39) - Moral case for capitalism(1:25:35) - Freedom(1:30:34) - Ethics of competition(1:34:20) - Win-win solutions(1:36:09) - Corruption(1:38:33) - Government intervention(1:44:53) - Conservatism(1:51:16) - Donald Trump(1:53:52) - Inflation(1:58:21) - DOGE(2:03:40) - Javier Milei(2:08:46) - Richard Nixon(2:16:00) - Ronald Reagan(2:19:07) - Cryptocurrency(2:34:23) - Ayn Rand(2:42:01) - The Fountainhead(2:53:41) - Sex and power dynamics(3:09:47) - Evolution of ideas in history(3:17:15) - Postmodernism(3:28:16) - Advice to students(3:36:32) - Lex reflects on Volodymyr Zelenskyy interview PODCAST LINKS:- Podcast Website: https://lexfridman.com/podcast- Apple Podcasts: https://apple.co/2lwqZIr- Spotify: https://spoti.fi/2nEwCF8- RSS: https://lexfridman.com/feed/podcast/- Podcast Playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4- Clips Channel: https://www.youtube.com/lexclips SOCIAL LINKS:- X: https://x.com/lexfridman- Instagram: https://instagram.com/lexfridman- TikTok: https://tiktok.com/@lexfridman- LinkedIn: https://linkedin.com/in/lexfridman- Facebook: https://facebook.com/lexfridman- Patreon: https://patreon.com/lexfridman- Telegram: https://t.me/lexfridman- Reddit: https://reddit.com/r/lexfridman