弗里(li)德曼(man)生于紐約市一個工(gong)人階級的猶(you)太(tai)人家庭，父親(qin)是(shi)耶諾·紹爾(er)·弗里(li)德曼(man)（Jeno Saul Friedman），母親(qin)是(shi)薩拉·埃特爾(er)·蘭道（Sarah Ethel Landau，1892年-？），兩人從(cong)奧匈帝國(guo)（今(jin)烏克(ke)蘭一帶(dai)）移居美國(guo)，在當(dang)地邂逅，曾在血汗工(gong)廠工(gong)作。弗里(li)德曼(man)是(shi)家中第一個孩子，也(ye)是(shi)唯一的男孩。他的三個妹(mei)妹(mei)包括：蒂(di)莉·F·弗里(li)德曼(man)（Tillie F. Friedman，1919年-？）、海倫·弗里(li)德曼(man)（Helen Friedman，1920年-？）和露絲(si)·弗里(li)德曼(man)（Ruth Friedman，1921年-？）。高中時，弗里(li)德曼(man)父親(qin)逝世(shi)后，舉家搬到新澤(ze)西州的羅威市（Rahway）。
他16歲前完成(cheng)高(gao)中，憑獎學(xue)(xue)金入(ru)讀羅(luo)格斯大學(xue)(xue)。原打算成(cheng)為精算師的(de)弗里(li)德曼(man)最初修(xiu)讀數學(xue)(xue)，但(dan)成(cheng)績平(ping)平(ping)。1932年取得文學(xue)(xue)士，翌年他到芝(zhi)加哥大學(xue)(xue)修(xiu)讀碩(shuo)士，1933年芝(zhi)大碩(shuo)士畢業。上第一(yi)堂經濟課時，座位是(shi)以姓氏字母編(bian)排，他緊隨一(yi)名叫羅(luo)斯（Rose Director）的(de)女生(sheng)之(zhi)后。兩人6年后結婚(hun)，從此終生(sheng)不(bu)渝(yu)。弗里(li)德曼(man)曾(ceng)說他的(de)作品無一(yi)不(bu)被羅(luo)斯審閱，更笑言自(zi)己成(cheng)為學(xue)(xue)術權威(wei)后，羅(luo)斯是(shi)唯一(yi)膽敢(gan)跟他辯論的(de)人.
畢業(ye)后(hou)(hou)，他(ta)曾(ceng)為(wei)羅斯(si)福(fu)新(xin)政(zheng)工作(zuo)以(yi)求(qiu)糊口(kou)，批準了(le)許(xu)多早期的(de)新(xin)政(zheng)措施(shi)以(yi)解決當時面臨(lin)的(de)艱難經(jing)濟(ji)情況，尤其是(shi)新(xin)政(zheng)的(de)許(xu)多公共建設計(ji)劃。輾轉(zhuan)間(jian)他(ta)到(dao)哥倫(lun)比(bi)亞(ya)大學(xue)繼(ji)續修讀經(jing)濟(ji)學(xue)，研究(jiu)(jiu)計(ji)量、制度及(ji)實踐經(jing)濟(ji)學(xue)。返回芝加哥后(hou)(hou)，獲亨利·舒爾茨（Henry Schultz）聘任為(wei)研究(jiu)(jiu)助理(li)，協助完成(cheng)《需求(qiu)理(li)論及(ji)計(ji)算(suan)》論文。為(wei)美國(guo)國(guo)家經(jing)濟(ji)研究(jiu)(jiu)局工作(zuo)時，他(ta)1940年(nian)曾(ceng)完成(cheng)一書，指醫生的(de)壟斷局面導致他(ta)們的(de)收入遠高于牙醫，引起局方爭議(yi)，令該書要在戰后(hou)(hou)始能出版。
弗(fu)里(li)德曼(man)在威斯康辛大學(xue)任教了(le)一小段時間，但由(you)于(yu)在經濟學(xue)系里(li)碰上了(le)反猶主(zhu)義者的阻撓而只得返回政(zheng)府部門工作。
1941年(nian)(nian)至1943年(nian)(nian)，他(ta)(ta)出任美國財(cai)政(zheng)部(bu)顧問，研(yan)究(jiu)戰時稅(shui)(shui)(shui)務(wu)政(zheng)策，曾支持(chi)凱恩(en)斯(si)主(zhu)義的(de)稅(shui)(shui)(shui)賦政(zheng)策，并且協助推廣(guang)預扣所得(de)稅(shui)(shui)(shui)制度(du)。1943年(nian)(nian)至1945年(nian)(nian)在哥(ge)倫(lun)(lun)比(bi)(bi)亞大(da)學參與(yu)Harold Hotelling及W. Allen Wallis的(de)研(yan)究(jiu)小組，為武器設計、戰略及冶(ye)金實驗分析(xi)數據。1945年(nian)(nian)，他(ta)(ta)與(yu)后來(lai)的(de)諾貝(bei)爾經(jing)濟學獎得(de)主(zhu)喬治·斯(si)蒂格勒到明(ming)尼蘇達大(da)學任職，1946年(nian)(nian)他(ta)(ta)獲哥(ge)倫(lun)(lun)比(bi)(bi)亞大(da)學博士學位，隨后回到芝(zhi)加哥(ge)大(da)學教授經(jing)濟理論，期間再(zai)為國家(jia)經(jing)濟研(yan)究(jiu)局(ju)研(yan)究(jiu)貨幣在商業周期的(de)角(jiao)色(se)。這(zhe)是(shi)他(ta)(ta)學術(shu)上(shang)的(de)重(zhong)大(da)分水嶺。
在(zai)他的自傳(chuan)中，弗里(li)德(de)曼曾(ceng)描述(shu)1941至43年(nian)為羅斯福新政(zheng)工作時，“當時我是一個(ge)徹底(di)的凱(kai)恩斯主義者”。隨著(zhu)(zhu)時間(jian)過去，弗里(li)德(de)曼對于經(jing)濟政(zheng)策(ce)的看法也逐漸轉變，他在(zai)芝大成(cheng)立(li)貨幣及(ji)銀行研究小(xiao)組(zu)，借(jie)著(zhu)(zhu)經(jing)濟史論家(jia)安娜(na)·施(shi)瓦(wa)茨的協助，發表影響深遠的《美國貨幣史》著(zhu)(zhu)作。他在(zai)書中挑戰凱(kai)恩斯學派的觀點，抨擊(ji)他們忽略貨幣供應、金融政(zheng)策(ce)對經(jing)濟周期及(ji)通脹的重(zhong)要性。
他接著在(zai)芝(zhi)加哥(ge)(ge)大學(xue)擔任(ren)(ren)經(jing)濟(ji)學(xue)教授，直至1976年退休。這(zhe)30年里(li)(li)他將芝(zhi)大經(jing)濟(ji)系形(xing)塑成(cheng)緊密而完整的(de)(de)(de)經(jing)濟(ji)學(xue)派，力倡自由經(jing)濟(ji)，被稱(cheng)為芝(zhi)加哥(ge)(ge)經(jing)濟(ji)學(xue)派。在(zai)弗里(li)(li)德曼(man)的(de)(de)(de)領導下(xia)，多名(ming)芝(zhi)加哥(ge)(ge)學(xue)派的(de)(de)(de)成(cheng)員(yuan)獲(huo)得(de)諾貝爾(er)經(jing)濟(ji)學(xue)獎。他在(zai)1953年至1954年間以訪問(wen)學(xue)者(zhe)的(de)(de)(de)身(shen)分前往(wang)英國劍橋大學(xue)岡維爾(er)與凱斯學(xue)院任(ren)(ren)教。從1977年開(kai)始弗里(li)(li)德曼(man)也加入(ru)了斯坦福大學(xue)的(de)(de)(de)胡佛(fo)研究(jiu)所。弗里(li)(li)德曼(man)在(zai)1988年取得(de)了美(mei)國的(de)(de)(de)國家科學(xue)獎章(zhang)。
他(ta)(ta)在(zai)1980主持了名為“選擇(ze)的(de)自由(you)”的(de)節目(mu)，并出(chu)版了同名的(de)著(zhu)作，使得他(ta)(ta)廣(guang)泛的(de)被大眾認識。在(zai)節目(mu)中他(ta)(ta)以一支鉛筆說明自由(you)市(shi)場的(de)原理的(de)片(pian)段，成為了他(ta)(ta)廣(guang)受歡(huan)迎的(de)一段言論，至(zhi)今在(zai)網絡上依然可以見(jian)到其蹤(zong)影。
他通常(chang)反對政府(fu)干(gan)預的(de)(de)計劃，尤其(qi)(qi)是對于市場價格的(de)(de)管制，他認(ren)為價格在市場機制里扮演調度資(zi)源所不可或缺的(de)(de)信(xin)號功(gong)能。在《美國貨幣歷史》一(yi)書中，他提(ti)出大(da)蕭(xiao)條(tiao)其(qi)(qi)實(shi)是政府(fu)對于貨幣供(gong)應管制不當(dang)所致。后來他在2006年說(shuo)道：“你(ni)(ni)知道嗎？很奇怪(guai)的(de)(de)是為何人們仍以(yi)為是羅斯(si)福的(de)(de)政策(ce)讓(rang)我們脫離了經濟(ji)大(da)蕭(xiao)條(tiao)。當(dang)時(shi)的(de)(de)問題(ti)是，你(ni)(ni)有(you)一(yi)堆失(shi)業的(de)(de)機器(qi)和(he)失(shi)業的(de)(de)人民(min)，你(ni)(ni)怎(zen)么(me)能靠(kao)著成立產業壟斷集團和(he)提(ti)升(sheng)價格及(ji)工(gong)資(zi)來解(jie)決他們的(de)(de)問題(ti)？”
1992年(nian)獲諾貝(bei)爾經(jing)濟(ji)獎的(de)(de)加里·貝(bei)克形容，弗里德曼可能是全球最為人認識的(de)(de)經(jing)濟(ji)學家(jia)，“他能以最簡單的(de)(de)語言表達最艱深的(de)(de)經(jing)濟(ji)理論(lun)”。他亦(yi)是極(ji)出(chu)色的(de)(de)演說(shuo)家(jia)，能隨時(shi)即席演說(shuo)，極(ji)富說(shuo)服力(li)。香港(gang)科技大學經(jing)濟(ji)發展研究中心主(zhu)任雷鼎鳴形容弗里德曼思考快如閃電，據說(shuo)辯(bian)論(lun)從(cong)未輸(shu)過。“無(wu)人敢說(shuo)辯(bian)贏(ying)了他，因與(yu)(yu)他辯(bian)論(lun)過已是無(wu)限(xian)光(guang)榮，沒多少人能與(yu)(yu)他說(shuo)上兩(liang)分鐘。”
弗(fu)里(li)德曼(man)(man)是(shi)學(xue)術世家(jia)(jia)。他妻子羅(luo)絲是(shi)經濟(ji)學(xue)家(jia)(jia)，其妻兄長(chang)亞倫·戴(dai)雷科(ke)特是(shi)芝加哥大學(xue)聲望顯赫的(de)法律(lv)學(xue)教授。弗(fu)里(li)德曼(man)(man)育有(you)兩名子女(nv)，包括女(nv)兒(er)珍尼·弗(fu)里(li)德曼(man)(man)及大衛(wei)·弗(fu)里(li)德曼(man)(man)，大衛(wei)本身(shen)是(shi)無政府(fu)資本主義學(xue)說(shuo)的(de)重要學(xue)者(zhe)。大衛(wei)的(de)兒(er)子Patri畢業(ye)于(yu)斯(si)坦福大學(xue)，2006年時在Google任職。
他于2006年11月16日在舊(jiu)金山家(jia)中因心臟(zang)病(bing)發引致衰竭(jie)逝世。
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Inflation: Causes and consequences, 1963.
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"Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.
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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.
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Hirsch, Abraham, and Neil de Marchi. Milton Friedman: Economics in Theory and Practice (1990) his methodology
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Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002)
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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.
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《實證(zheng)經(jing)濟學論文集》（Essays in Positive Economics）
《消費函(han)數理論》（A Theory of the Consumption Function）
《資本(ben)主義與自由》（Capitalism and Freedom）
《自(zi)由選擇》（Free to Choose）
《價格理(li)論》（Price Theory：A Provisional Text）
《美國貨(huo)幣史》（A Monetary History of the United States，1867一1960）與施瓦茲（Anna J.Schwartz）
弗里(li)德(de)曼(man)最知名(ming)的(de)(de)(de)理論，是(shi)(shi)他提出的(de)(de)(de)貨(huo)幣(bi)(bi)供(gong)給作為(wei)決(jue)定(ding)(ding)生(sheng)產(chan)價(jia)值基準的(de)(de)(de)因(yin)素(su)，通(tong)貨(huo)膨脹在(zai)根本(ben)(ben)上源自于貨(huo)幣(bi)(bi)供(gong)給量(liang)的(de)(de)(de)主(zhu)(zhu)張。貨(huo)幣(bi)(bi)主(zhu)(zhu)義是(shi)(shi)現代經(jing)(jing)濟學(xue)在(zai)貨(huo)幣(bi)(bi)數量(liang)理論的(de)(de)(de)重要觀點之(zhi)一，這種(zhong)(zhong)理論的(de)(de)(de)根源可以(yi)追溯至(zhi)16世紀西(xi)班牙的(de)(de)(de)薩拉(la)曼(man)卡(ka)學(xue)派，弗里(li)德(de)曼(man)的(de)(de)(de)貢獻則是(shi)(shi)現代化(hua)了(le)這種(zhong)(zhong)理論，將其推(tui)廣為(wei)現代經(jing)(jing)濟學(xue)的(de)(de)(de)主(zhu)(zhu)流貨(huo)幣(bi)(bi)學(xue)說。他在(zai)1963年與Anna Schwartz合(he)著的(de)(de)(de)A Monetary History of the United States一書(shu)中檢驗(yan)了(le)美國(guo)歷史上貨(huo)幣(bi)(bi)供(gong)給和經(jing)(jing)濟活動(dong)之(zhi)間的(de)(de)(de)關聯。他們(men)得出了(le)驚人結論：貨(huo)幣(bi)(bi)供(gong)給一向(xiang)是(shi)(shi)經(jing)(jing)濟活動(dong)起伏的(de)(de)(de)唯一影響(xiang)來(lai)源。又或者(zhe)如同(tong)美國(guo)聯邦儲(chu)備系統的(de)(de)(de)主(zhu)(zhu)席本(ben)(ben)·伯南克在(zai)2002年慶(qing)祝弗里(li)德(de)曼(man)90歲生(sheng)日時所描述的(de)(de)(de)：“有關大蕭條(tiao)，你是(shi)(shi)正確(que)的(de)(de)(de)，我們(men)（聯邦儲(chu)備系統）當時的(de)(de)(de)確(que)做錯了(le)。我們(men)真的(de)(de)(de)很抱歉。”David Meiselman在(zai)1960年代進(jin)行的(de)(de)(de)幾次研究顯示(shi)了(le)貨(huo)幣(bi)(bi)供(gong)給在(zai)決(jue)定(ding)(ding)經(jing)(jing)濟投資、以(yi)及(ji)政府開銷在(zai)決(jue)定(ding)(ding)消費及(ji)生(sheng)產(chan)總額上的(de)(de)(de)角色是(shi)(shi)至(zhi)高無上的(de)(de)(de)。弗里(li)德(de)曼(man)的(de)(de)(de)觀察研究和一些學(xue)說進(jin)一步(bu)推(tui)展了(le)這種(zhong)(zhong)結論，主(zhu)(zhu)張貨(huo)幣(bi)(bi)供(gong)給的(de)(de)(de)改變是(shi)(shi)影響(xiang)經(jing)(jing)濟生(sheng)產(chan)的(de)(de)(de)首(shou)要原(yuan)因(yin)，但長期的(de)(de)(de)影響(xiang)則是(shi)(shi)由物價(jia)水平決(jue)定(ding)(ding)的(de)(de)(de)。
弗(fu)里德曼對于(yu)消費層面的(de)(de)分析也相(xiang)當知名(ming)(ming)，亦即他在1957年(nian)提出(chu)的(de)(de)恒常所得假說(shuo)。這個(ge)理論被一(yi)些(xie)經(jing)濟學(xue)者視為(wei)是他在經(jing)濟學(xue)方(fang)法論上最重要(yao)的(de)(de)貢(gong)獻。他其他重要(yao)的(de)(de)貢(gong)獻還(huan)包括(kuo)了對菲利普斯(si)曲(qu)線的(de)(de)批評(ping)，以(yi)及(ji)他提出(chu)的(de)(de)失(shi)業(ye)率(lv)的(de)(de)自然(ran)比率(lv)的(de)(de)概(gai)念（1968年(nian)）。這些(xie)學(xue)說(shuo)都與貨幣和金融政策在對經(jing)濟的(de)(de)長期及(ji)短期影響上有(you)關。在統(tong)計學(xue)上，他則創造出(chu)了知名(ming)(ming)的(de)(de)弗(fu)里德曼測試。
弗里德曼的(de)(de)論文The Methodology of Positive Economics（1953年(nian)）則替他稍后(hou)幾十年(nian)的(de)(de)研究方法論架(jia)構了模型，并且也成為(wei)了芝加(jia)哥經濟(ji)(ji)學(xue)(xue)派的(de)(de)主要框架(jia)之(zhi)一(yi)。他主張經濟(ji)(ji)學(xue)(xue)身為(wei)一(yi)種學(xue)(xue)科，應該免于客(ke)觀的(de)(de)價值衡(heng)量。除此之(zhi)外(wai)，一(yi)個經濟(ji)(ji)理論有(you)用(yong)與否，不(bu)應該是以它(ta)對現實的(de)(de)描(miao)述（例如(ru)頭發顏色）作(zuo)為(wei)衡(heng)量標準，而是應該以它(ta)能(neng)否有(you)效作(zuo)為(wei)對未來情(qing)況(kuang)的(de)(de)預(yu)測為(wei)基準。
弗里德曼(man)在理論(lun)(lun)上有三大(da)貢(gong)獻，首先是提出現(xian)代貨(huo)幣數(shu)量論(lun)(lun)，即通(tong)貨(huo)膨脹(zhang)起(qi)源(yuan)于“太(tai)多的貨(huo)幣追(zhui)逐太(tai)少的商(shang)品”。政府可以通(tong)過控制(zhi)貨(huo)幣增(zeng)長(chang)來遏制(zhi)通(tong)脹(zhang)。這被視為現(xian)代經濟理論(lun)(lun)的一場(chang)革命。
其次，他創立消(xiao)費(fei)函(han)數理(li)論，對(dui)凱(kai)恩斯經(jing)濟理(li)論中的(de)邊際消(xiao)費(fei)遞(di)減規(gui)律進行駁斥。凱(kai)恩斯認(ren)為，隨著社(she)會財富(fu)和個人(ren)收入的(de)增(zeng)加，人(ren)們用于消(xiao)費(fei)方面的(de)支(zhi)出呈遞(di)減趨勢，與(yu)此同時儲蓄則越來越多(duo)。因(yin)此政府可以通過增(zeng)加公共(gong)支(zhi)出來抵(di)消(xiao)個人(ren)消(xiao)費(fei)的(de)減少(shao)，從而保證經(jing)濟的(de)持續增(zeng)長。弗里德曼(man)指(zhi)出，這一(yi)理(li)論站不住(zhu)腳，因(yin)為人(ren)們的(de)欲望實際上永無止境，原有的(de)得(de)到滿(man)足后，新的(de)隨即產(chan)生(sheng)。
第三，1968年(nian)，弗里德曼與美國哥倫比亞(ya)大學經濟學家菲爾(er)普同時提出“自然(ran)率假說”理論。他們發(fa)現，長(chang)期來(lai)看，失業率與通(tong)貨膨脹并沒(mei)有必(bi)然(ran)聯系。自然(ran)失業率永遠存在，是(shi)不可消除的。因此政(zheng)府(fu)的宏觀調控政(zheng)策長(chang)期來(lai)看是(shi)不起(qi)任(ren)何(he)作用(yong)的。
1951年(nian)：約(yue)翰·貝茲·克(ke)(ke)拉克(ke)(ke)獎（John Bates Clark Medal）
1976年：諾貝爾經濟學獎
1988年：國家(jia)科學獎章
1988年：總統自由(you)勛章（Presidential Medal of Freedom）
巧笑倩兮 
