弗(fu)(fu)里(li)(li)德(de)(de)曼(man)生(sheng)于(yu)紐約市(shi)一(yi)個工人階(jie)級的(de)(de)猶太(tai)人家(jia)庭，父親(qin)是(shi)(shi)耶諾·紹(shao)爾(er)·弗(fu)(fu)里(li)(li)德(de)(de)曼(man)（Jeno Saul Friedman），母親(qin)是(shi)(shi)薩(sa)拉·埃特爾(er)·蘭(lan)(lan)道（Sarah Ethel Landau，1892年-？），兩(liang)人從奧匈(xiong)帝國（今烏克蘭(lan)(lan)一(yi)帶）移居美國，在(zai)當地邂逅，曾在(zai)血汗(han)工廠工作。弗(fu)(fu)里(li)(li)德(de)(de)曼(man)是(shi)(shi)家(jia)中(zhong)第一(yi)個孩(hai)子，也是(shi)(shi)唯一(yi)的(de)(de)男(nan)孩(hai)。他的(de)(de)三個妹妹包括(kuo)：蒂莉·F·弗(fu)(fu)里(li)(li)德(de)(de)曼(man)（Tillie F. Friedman，1919年-？）、海(hai)倫(lun)·弗(fu)(fu)里(li)(li)德(de)(de)曼(man)（Helen Friedman，1920年-？）和(he)露絲·弗(fu)(fu)里(li)(li)德(de)(de)曼(man)（Ruth Friedman，1921年-？）。高中(zhong)時，弗(fu)(fu)里(li)(li)德(de)(de)曼(man)父親(qin)逝世后(hou)，舉家(jia)搬到新(xin)澤西州(zhou)的(de)(de)羅(luo)威(wei)市(shi)（Rahway）。
他(ta)(ta)(ta)16歲前(qian)完成(cheng)高中，憑獎學(xue)金入(ru)讀羅(luo)格(ge)斯(si)大(da)(da)(da)學(xue)。原(yuan)打算(suan)成(cheng)為精算(suan)師的(de)弗里德曼最(zui)初修讀數學(xue)，但(dan)成(cheng)績平平。1932年(nian)取得文學(xue)士(shi)(shi)，翌年(nian)他(ta)(ta)(ta)到芝加(jia)哥(ge)大(da)(da)(da)學(xue)修讀碩士(shi)(shi)，1933年(nian)芝大(da)(da)(da)碩士(shi)(shi)畢業(ye)。上(shang)第一堂經濟課時，座位(wei)是以(yi)姓(xing)氏字母(mu)編排，他(ta)(ta)(ta)緊隨一名叫羅(luo)斯(si)（Rose Director）的(de)女(nv)生(sheng)之后(hou)(hou)。兩(liang)人(ren)6年(nian)后(hou)(hou)結婚，從(cong)此終生(sheng)不渝。弗里德曼曾說他(ta)(ta)(ta)的(de)作品無一不被羅(luo)斯(si)審閱，更笑言(yan)自己(ji)成(cheng)為學(xue)術權威后(hou)(hou)，羅(luo)斯(si)是唯一膽(dan)敢跟他(ta)(ta)(ta)辯論的(de)人(ren).
畢(bi)業后(hou)，他曾(ceng)為羅斯福(fu)新(xin)政(zheng)工(gong)作以求(qiu)糊口(kou)，批準了許多(duo)早期的新(xin)政(zheng)措(cuo)施以解決當時(shi)面臨的艱難經(jing)(jing)(jing)濟情況，尤其(qi)是新(xin)政(zheng)的許多(duo)公共建(jian)設計(ji)(ji)劃。輾轉間他到(dao)哥倫比亞(ya)大學(xue)繼續修讀經(jing)(jing)(jing)濟學(xue)，研究計(ji)(ji)量、制度及實踐經(jing)(jing)(jing)濟學(xue)。返回芝(zhi)加哥后(hou)，獲亨利·舒爾茨（Henry Schultz）聘任(ren)為研究助理，協助完成(cheng)《需(xu)求(qiu)理論及計(ji)(ji)算》論文。為美國國家(jia)經(jing)(jing)(jing)濟研究局工(gong)作時(shi)，他1940年曾(ceng)完成(cheng)一書(shu)，指醫生的壟斷(duan)局面導致他們(men)的收入遠(yuan)高于牙醫，引起局方爭議，令該書(shu)要在戰后(hou)始(shi)能(neng)出版(ban)。
弗里德(de)曼在(zai)威斯康辛大(da)學任(ren)教了一小段時間，但由于在(zai)經濟學系(xi)里碰(peng)上(shang)了反猶主義者的(de)阻撓而只得返回政府部門(men)工作。
1941年至1943年，他出任美國財政(zheng)(zheng)部顧問(wen)，研(yan)究(jiu)戰(zhan)時(shi)稅務(wu)政(zheng)(zheng)策，曾支(zhi)持凱恩斯(si)主(zhu)義的(de)稅賦(fu)政(zheng)(zheng)策，并且協(xie)助推廣預扣所得(de)稅制(zhi)度。1943年至1945年在哥倫(lun)比亞大(da)學(xue)參與(yu)(yu)Harold Hotelling及(ji)W. Allen Wallis的(de)研(yan)究(jiu)小(xiao)組(zu)，為武器設(she)計、戰(zhan)略及(ji)冶金實驗分(fen)析數據。1945年，他與(yu)(yu)后來(lai)的(de)諾貝爾(er)經(jing)濟學(xue)獎得(de)主(zhu)喬治·斯(si)蒂格勒到(dao)明尼蘇達大(da)學(xue)任職，1946年他獲哥倫(lun)比亞大(da)學(xue)博士學(xue)位，隨后回到(dao)芝加哥大(da)學(xue)教授經(jing)濟理論，期(qi)間(jian)再為國家經(jing)濟研(yan)究(jiu)局研(yan)究(jiu)貨幣在商業周期(qi)的(de)角(jiao)色。這是他學(xue)術上的(de)重大(da)分(fen)水嶺(ling)。
在(zai)他(ta)的(de)自(zi)傳中(zhong)，弗(fu)里(li)德(de)曼曾描述1941至43年(nian)為羅斯(si)福新政工作時，“當時我是(shi)一個徹底的(de)凱(kai)(kai)恩斯(si)主義者”。隨著(zhu)(zhu)時間過(guo)去，弗(fu)里(li)德(de)曼對于經濟政策(ce)(ce)的(de)看法也逐漸(jian)轉變，他(ta)在(zai)芝大成(cheng)立(li)貨(huo)(huo)幣(bi)及銀(yin)行研究(jiu)小組，借著(zhu)(zhu)經濟史論家安娜·施(shi)瓦(wa)茨的(de)協(xie)助(zhu)，發表影響深遠(yuan)的(de)《美(mei)國(guo)貨(huo)(huo)幣(bi)史》著(zhu)(zhu)作。他(ta)在(zai)書(shu)中(zhong)挑戰(zhan)凱(kai)(kai)恩斯(si)學(xue)派的(de)觀點(dian)，抨擊(ji)他(ta)們忽略貨(huo)(huo)幣(bi)供應、金融政策(ce)(ce)對經濟周(zhou)期及通脹的(de)重要性。
他接著在(zai)芝(zhi)加(jia)(jia)(jia)(jia)哥大(da)(da)學(xue)擔(dan)任經(jing)(jing)濟(ji)(ji)學(xue)教(jiao)授，直至(zhi)1976年(nian)退休。這30年(nian)里他將芝(zhi)大(da)(da)經(jing)(jing)濟(ji)(ji)系(xi)形塑成緊密而完(wan)整的(de)經(jing)(jing)濟(ji)(ji)學(xue)派，力倡自由經(jing)(jing)濟(ji)(ji)，被(bei)稱為芝(zhi)加(jia)(jia)(jia)(jia)哥經(jing)(jing)濟(ji)(ji)學(xue)派。在(zai)弗(fu)里德(de)曼的(de)領(ling)導下(xia)，多名芝(zhi)加(jia)(jia)(jia)(jia)哥學(xue)派的(de)成員獲得(de)(de)諾貝(bei)爾經(jing)(jing)濟(ji)(ji)學(xue)獎。他在(zai)1953年(nian)至(zhi)1954年(nian)間以訪(fang)問(wen)學(xue)者的(de)身分(fen)前往英(ying)國劍橋大(da)(da)學(xue)岡維爾與(yu)凱斯學(xue)院(yuan)任教(jiao)。從1977年(nian)開始弗(fu)里德(de)曼也加(jia)(jia)(jia)(jia)入了(le)斯坦福大(da)(da)學(xue)的(de)胡佛(fo)研(yan)究所。弗(fu)里德(de)曼在(zai)1988年(nian)取得(de)(de)了(le)美國的(de)國家科學(xue)獎章。
他(ta)(ta)在1980主持了(le)(le)名(ming)為(wei)(wei)“選(xuan)擇(ze)的(de)自(zi)由”的(de)節(jie)目(mu)，并出版(ban)了(le)(le)同名(ming)的(de)著作(zuo)，使得他(ta)(ta)廣泛的(de)被大眾認識。在節(jie)目(mu)中他(ta)(ta)以(yi)(yi)一支鉛筆說明(ming)自(zi)由市場(chang)的(de)原理的(de)片段，成為(wei)(wei)了(le)(le)他(ta)(ta)廣受歡迎的(de)一段言(yan)論，至今在網(wang)絡上依(yi)然可以(yi)(yi)見到其蹤影(ying)。
他(ta)通常反對(dui)政府(fu)干預的(de)(de)(de)計劃，尤其是(shi)對(dui)于(yu)市場價(jia)格的(de)(de)(de)管制(zhi)，他(ta)認為(wei)價(jia)格在(zai)市場機(ji)制(zhi)里扮演調度資(zi)源所不(bu)可或(huo)缺的(de)(de)(de)信號功(gong)能。在(zai)《美國(guo)貨(huo)幣歷(li)史》一書中，他(ta)提(ti)出大蕭條其實是(shi)政府(fu)對(dui)于(yu)貨(huo)幣供應管制(zhi)不(bu)當所致。后來他(ta)在(zai)2006年說(shuo)道(dao)：“你知(zhi)道(dao)嗎？很(hen)奇怪的(de)(de)(de)是(shi)為(wei)何人們仍以為(wei)是(shi)羅(luo)斯(si)福(fu)的(de)(de)(de)政策讓我們脫離了(le)經(jing)濟大蕭條。當時的(de)(de)(de)問題是(shi)，你有一堆失(shi)業的(de)(de)(de)機(ji)器(qi)和(he)(he)失(shi)業的(de)(de)(de)人民，你怎么(me)能靠著成立產業壟斷集團(tuan)和(he)(he)提(ti)升價(jia)格及工(gong)資(zi)來解決(jue)他(ta)們的(de)(de)(de)問題？”
1992年獲(huo)諾貝(bei)爾經(jing)濟(ji)獎的(de)加里(li)·貝(bei)克形容，弗里(li)德曼(man)可(ke)能(neng)是全球最(zui)為人認識的(de)經(jing)濟(ji)學(xue)家，“他能(neng)以最(zui)簡單的(de)語言表達最(zui)艱深(shen)的(de)經(jing)濟(ji)理論(lun)”。他亦是極出色的(de)演說(shuo)家，能(neng)隨時(shi)即席演說(shuo)，極富說(shuo)服力(li)。香(xiang)港科(ke)技大(da)學(xue)經(jing)濟(ji)發(fa)展研(yan)究中心主任(ren)雷鼎鳴形容弗里(li)德曼(man)思考(kao)快如閃電(dian)，據(ju)說(shuo)辯論(lun)從未輸(shu)過。“無人敢說(shuo)辯贏了他，因與(yu)他辯論(lun)過已是無限光榮，沒多少人能(neng)與(yu)他說(shuo)上(shang)兩分鐘。”
弗(fu)里(li)(li)德曼(man)(man)是(shi)學(xue)術世家(jia)。他妻子(zi)羅絲是(shi)經濟(ji)學(xue)家(jia)，其妻兄長亞倫·戴雷科(ke)特是(shi)芝加哥大(da)學(xue)聲望顯赫的(de)法律學(xue)教授。弗(fu)里(li)(li)德曼(man)(man)育(yu)有兩名子(zi)女(nv)，包括女(nv)兒珍(zhen)尼·弗(fu)里(li)(li)德曼(man)(man)及(ji)大(da)衛·弗(fu)里(li)(li)德曼(man)(man)，大(da)衛本身是(shi)無政府資本主(zhu)義學(xue)說(shuo)的(de)重要學(xue)者(zhe)。大(da)衛的(de)兒子(zi)Patri畢(bi)業于(yu)斯坦福大(da)學(xue)，2006年時在Google任職。
他于2006年11月16日在舊(jiu)金山家中因心臟病發(fa)引致衰竭逝世。
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"Marginal Utility of Money and Elasticities of Demand," The Quarterly Journal of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533 JSTOR
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Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements (Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P. Mack
Income from Independent Professional Practice with Simon Kuznets (1945), 弗里德曼的博士論(lun)文(wen)
"Lange on Price Flexibility and Employment: A Methodological Criticism," American Economic Review Vol. 36, No. 4 (Sep., 1946), pp. 613-631 JSTOR
"Utility Analysis of Choices Involving Risk" with Leonard Savage, 1948, Journal of Political Economy Vol. 56, No. 4 (Aug., 1948), pp. 279-304 JSTOR
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"The Marshallian Demand Curve," The Journal of Political Economy Vol. 57, No. 6 (Dec., 1949), pp. 463-495 JSTOR
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"The Expected-Utility Hypothesis and the Measurability of Utility", with Leonard Savage, 1952, Journal of Political Economy Vol. 60, No. 6 (Dec., 1952), pp. 463-474 JSTOR
The Methodology of Positive Economics (1953)
Essays in Positive Economics (1953)
"Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
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A Theory of the Consumption Function (1957)
"A Statistical Illusion in Judging Keynesian Models" with Gary S. Becker, Journal of Political Economy Vol. 65, No. 1 (Feb., 1957), pp. 64-75 JSTOR
"The Supply of Money and Changes in Prices and Output", 1958, in Relationship of Prices to Economic Stability and Growth.
"The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy Vol. 67, No. 4 (Aug., 1959), pp. 327-351 JSTOR
A Program for Monetary Stability (Fordham University Press, 1960) 110 pp
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"The Lag in Effect of Monetary Policy," Journal of Political EconomyVol. 69, No. 5 (Oct., 1961), pp. 447-466 JSTOR
Price Theory ISBN 0-202-06074-8 (1962), college textbook
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"Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, In Search of a Monetary Constitution
Inflation: Causes and consequences, 1963.
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A Monetary History of the United States, 1867-1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
"Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.
"The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.
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"Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct., 1966), pp. 71-85 JSTOR
The Balance of Payments: Free Versus Fixed Exchange Rates with Robert V. Roosa (1967)]
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"What Price Guideposts?", in G.P. Schultz, R.Z. Aliber, editors, Guidelines
"The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17 JSTOR presidential address to American Economics Association
"Money: the Quantity Theory", 1968, IESS
"The Definition of Money: Net Wealth and Neutrality as Criteria" with Anna J. Schwartz, Journal of Money, Credit and Banking Vol. 1, No. 1 (Feb., 1969), pp. 1-14 JSTOR
'Monetary vs. Fiscal Policy with Walter W. Heller (1969)
"Comment on Tobin", 1970, Quarterly Journal of Economics
"Monetary Statistics of the United States: Sources, methods. with Anna J. Schwartz, 1970.
"A Theoretical Framework for Monetary Analysis," Journal of Political Economy Vol. 78, No. 2 (Mar., 1970), pp. 193-238 JSTOR
The Counter-Revolution in Monetary Theory 1970.
"A Monetary Theory of National Income", 1971, Journal of Political Economy
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"Comments on the Critics," Journal of Political Economy Vol. 80, No. 5 (Sep., 1972), pp. 906-950 JSTOR
"Comments on the Critics", 1974, in Gordon, ed. Milton Friedman and his Critics.
"Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974
The Optimum Quantity of Money: And Other Essays (1976)
Milton Friedman in Australia, 1975 (1975)
Milton Friedman's Monetary Framework: A Debate with His Critics (1975)
"Comments on Tobin and Buiter", 1976, in J. Stein, editor, Monetarism.
"Inflation and Unemployment: Nobel lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451-72. JSTOR
"Interrelations between the United States and the United Kingdom, 1873-1975.", with A.J. Schwartz, 1982, J Int Money and Finance
Monetary Trends in the United States and the United Kingdom: Their relations to income, prices and interest rates, 1876-1975. with Anna J. Schwartz, 1982
"Monetary Policy: Theory and Practice," Journal of Money, Credit and Banking Vol. 14, No. 1 (Feb., 1982), pp. 98-118 JSTOR
"Monetary Policy: Tactics versus strategy", 1984, in Moore, editor, To Promote Prosperity.
“Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, American Economic Association. pp. 397-401. (1984).
"Has Government Any Role in Money?" with Anna J. Schwartz, 1986, JME
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Chao, Hsiang-ke. "Milton Friedman and the Emergence of the Permanent Income Hypothesis" History of Political Economy 2003 35(1): 77-104. Issn: 0018-2702 Fulltext in Project Muse
A.W. Bob Coats; "The Legacy of Milton Friedman as Teacher" Economic Record, Vol. 77, 2001
Frazer, William. Power and Ideas: Milton Friedman and the Big U-Turn. Vol. 1: The Background. Vol. 2: The U-Turn. Gainesville, Fla.: Gulf/Atlantic, 1988. 867 pp.
Hammond, J. Daniel. "Remembering Economics" Journal of the History of Economic Thought 2003 25(2): 133-143. Issn: 1042-7716; focus is on Friedman
Hirsch, Abraham, and Neil de Marchi. Milton Friedman: Economics in Theory and Practice (1990) his methodology
Jordan, Jerry L., Allan H. Meltzer, Thomas J. Sargent and Anna J. Schwartz; "Milton, Money, and Mischief: Symposium and Articles in Honor of Milton Friedman's 80th Birthday" Economic Inquiry. Volume: 31. Issue: 2. 1993. pp 197+.
Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002)
Leeson, Robert, ed. Ideology and International Economy: The Decline and Fall of Bretton Woods (2003)
Powell, Jim. The Triumph of Liberty (New York: Free Press, 2000). See profile of Friedman in the chapter "Inflation and Depression."
Rayack; Elton. Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan Praeger, 1987; attacks Friedman's policies from the left
Steindl, Frank G. "Friedman and Money in the 1930s" History of Political Economy 2004 36(3): 521-531. Issn: 0018-2702 lecture notes from his 1940 course show he did not criticize the Fed at that time, and did not emphasize money.
Tavlas, George S. "Retrospectives: Was the Monetarist Tradition Invented?" Journal of Economic Perspectives 1998 12(4): 211-222. Issn: 0895-3309 Fulltext in JSTOR
Stigler, George Joseph. Memoirs of an Unregulated Economist (1988)
Wahid, Abu N. M. ed; Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Press. 2002 pp 109-15.
《實(shi)證經濟學論文集》（Essays in Positive Economics）
《消費函數理論》（A Theory of the Consumption Function）
《資(zi)本主(zhu)義(yi)與自(zi)由》（Capitalism and Freedom）
《自由選擇》（Free to Choose）
《價格(ge)理論(lun)》（Price Theory：A Provisional Text）
《美國(guo)貨幣史》（A Monetary History of the United States，1867一1960）與施(shi)瓦(wa)茲（Anna J.Schwartz）
弗(fu)里(li)德(de)曼(man)(man)(man)最(zui)知名的(de)(de)理(li)論(lun)，是(shi)(shi)(shi)他(ta)提出的(de)(de)貨(huo)(huo)(huo)幣供(gong)給(gei)作為(wei)決(jue)定(ding)生產(chan)價值基準的(de)(de)因素，通(tong)貨(huo)(huo)(huo)膨(peng)脹在(zai)(zai)根(gen)本上(shang)源自于貨(huo)(huo)(huo)幣供(gong)給(gei)量的(de)(de)主(zhu)張。貨(huo)(huo)(huo)幣主(zhu)義是(shi)(shi)(shi)現代經濟學(xue)(xue)在(zai)(zai)貨(huo)(huo)(huo)幣數量理(li)論(lun)的(de)(de)重要觀(guan)點之(zhi)一(yi)(yi)，這(zhe)(zhe)種理(li)論(lun)的(de)(de)根(gen)源可以追(zhui)溯至(zhi)16世紀西班牙的(de)(de)薩拉(la)曼(man)(man)(man)卡學(xue)(xue)派，弗(fu)里(li)德(de)曼(man)(man)(man)的(de)(de)貢獻則是(shi)(shi)(shi)現代化(hua)了(le)(le)這(zhe)(zhe)種理(li)論(lun)，將其推廣為(wei)現代經濟學(xue)(xue)的(de)(de)主(zhu)流貨(huo)(huo)(huo)幣學(xue)(xue)說。他(ta)在(zai)(zai)1963年(nian)與Anna Schwartz合著的(de)(de)A Monetary History of the United States一(yi)(yi)書中檢驗了(le)(le)美國(guo)歷(li)史上(shang)貨(huo)(huo)(huo)幣供(gong)給(gei)和經濟活動之(zhi)間的(de)(de)關(guan)聯(lian)。他(ta)們(men)得出了(le)(le)驚人(ren)結(jie)論(lun)：貨(huo)(huo)(huo)幣供(gong)給(gei)一(yi)(yi)向是(shi)(shi)(shi)經濟活動起(qi)伏的(de)(de)唯一(yi)(yi)影(ying)響(xiang)(xiang)來源。又或(huo)者(zhe)如同(tong)美國(guo)聯(lian)邦儲備系統(tong)的(de)(de)主(zhu)席本·伯南克在(zai)(zai)2002年(nian)慶祝弗(fu)里(li)德(de)曼(man)(man)(man)90歲(sui)生日時(shi)所(suo)描述的(de)(de)：“有(you)關(guan)大蕭條(tiao)，你(ni)是(shi)(shi)(shi)正確的(de)(de)，我(wo)們(men)（聯(lian)邦儲備系統(tong)）當(dang)時(shi)的(de)(de)確做錯了(le)(le)。我(wo)們(men)真(zhen)的(de)(de)很抱歉。”David Meiselman在(zai)(zai)1960年(nian)代進行的(de)(de)幾次研(yan)究(jiu)顯示(shi)了(le)(le)貨(huo)(huo)(huo)幣供(gong)給(gei)在(zai)(zai)決(jue)定(ding)經濟投資、以及政府開銷在(zai)(zai)決(jue)定(ding)消費及生產(chan)總額(e)上(shang)的(de)(de)角色是(shi)(shi)(shi)至(zhi)高無上(shang)的(de)(de)。弗(fu)里(li)德(de)曼(man)(man)(man)的(de)(de)觀(guan)察研(yan)究(jiu)和一(yi)(yi)些(xie)學(xue)(xue)說進一(yi)(yi)步推展了(le)(le)這(zhe)(zhe)種結(jie)論(lun)，主(zhu)張貨(huo)(huo)(huo)幣供(gong)給(gei)的(de)(de)改(gai)變是(shi)(shi)(shi)影(ying)響(xiang)(xiang)經濟生產(chan)的(de)(de)首要原因，但長期的(de)(de)影(ying)響(xiang)(xiang)則是(shi)(shi)(shi)由物(wu)價水平決(jue)定(ding)的(de)(de)。
弗里德(de)曼(man)對(dui)(dui)于消費(fei)層面的(de)(de)分析(xi)也相當(dang)知名(ming)(ming)，亦即他在(zai)1957年提出的(de)(de)恒常所得假說(shuo)。這(zhe)個(ge)理論被一些經濟(ji)學(xue)者視為是他在(zai)經濟(ji)學(xue)方法論上最重要的(de)(de)貢(gong)獻。他其他重要的(de)(de)貢(gong)獻還包(bao)括了對(dui)(dui)菲利普斯(si)曲線的(de)(de)批(pi)評，以及(ji)他提出的(de)(de)失業率的(de)(de)自(zi)然比率的(de)(de)概念（1968年）。這(zhe)些學(xue)說(shuo)都與(yu)貨幣和金融政策(ce)在(zai)對(dui)(dui)經濟(ji)的(de)(de)長期及(ji)短期影(ying)響(xiang)上有關。在(zai)統計學(xue)上，他則(ze)創造出了知名(ming)(ming)的(de)(de)弗里德(de)曼(man)測試。
弗(fu)里德曼的論文The Methodology of Positive Economics（1953年）則替他(ta)稍后幾十年的研究方法(fa)論架構了(le)模型，并且也成(cheng)為(wei)(wei)了(le)芝加哥經濟(ji)學(xue)派(pai)的主要框架之(zhi)一。他(ta)主張經濟(ji)學(xue)身為(wei)(wei)一種學(xue)科，應該免于客觀的價值衡(heng)量。除此之(zhi)外，一個經濟(ji)理(li)論有用與否(fou)，不應該是以它(ta)對現實的描述（例(li)如頭發顏色）作為(wei)(wei)衡(heng)量標準，而是應該以它(ta)能否(fou)有效作為(wei)(wei)對未(wei)來情(qing)況的預測為(wei)(wei)基準。
弗(fu)里(li)德曼在(zai)理論上(shang)有(you)三大貢獻，首先是提(ti)出(chu)現代貨幣數量論，即(ji)通(tong)貨膨脹起源于(yu)“太多的貨幣追逐太少(shao)的商品”。政府可以通(tong)過控(kong)制(zhi)貨幣增長來遏制(zhi)通(tong)脹。這被視為現代經濟理論的一場革命。
其次，他創立(li)消費(fei)函數理(li)論，對凱(kai)恩斯經濟(ji)理(li)論中的(de)(de)(de)邊際(ji)消費(fei)遞減規律進行駁斥(chi)。凱(kai)恩斯認為，隨著社(she)會財富(fu)和個(ge)人(ren)收入(ru)的(de)(de)(de)增(zeng)加(jia)，人(ren)們(men)用于消費(fei)方面的(de)(de)(de)支(zhi)出呈遞減趨勢，與此(ci)同(tong)時儲蓄(xu)則越(yue)(yue)來越(yue)(yue)多。因(yin)(yin)此(ci)政府(fu)可以通(tong)過增(zeng)加(jia)公(gong)共支(zhi)出來抵(di)消個(ge)人(ren)消費(fei)的(de)(de)(de)減少，從(cong)而(er)保證經濟(ji)的(de)(de)(de)持(chi)續增(zeng)長。弗里德曼(man)指出，這一理(li)論站不住腳，因(yin)(yin)為人(ren)們(men)的(de)(de)(de)欲望實際(ji)上(shang)永無(wu)止境，原有的(de)(de)(de)得到滿足后，新(xin)的(de)(de)(de)隨即(ji)產生。
第(di)三(san)，1968年，弗里(li)德曼與(yu)美國(guo)哥倫比(bi)亞(ya)大學(xue)經濟學(xue)家菲爾普同時提出“自然(ran)率假說”理論。他們發現(xian)，長(chang)(chang)期(qi)來(lai)看，失業率與(yu)通貨膨脹并沒(mei)有(you)必然(ran)聯(lian)系。自然(ran)失業率永遠存在(zai)，是(shi)不可消除的(de)(de)。因此政府的(de)(de)宏(hong)觀調控(kong)政策(ce)長(chang)(chang)期(qi)來(lai)看是(shi)不起任何(he)作用的(de)(de)。
1951年(nian)：約翰(han)·貝茲·克(ke)拉克(ke)獎（John Bates Clark Medal）
1976年：諾貝爾經濟學獎
1988年：國家科學獎章
1988年：總統自由勛章（Presidential Medal of Freedom）
巧笑倩兮 
