弗里(li)德(de)曼(man)生于紐約市一(yi)(yi)個工(gong)人(ren)階級的(de)(de)(de)猶(you)太人(ren)家(jia)(jia)庭(ting)，父親是耶諾·紹爾·弗里(li)德(de)曼(man)（Jeno Saul Friedman），母(mu)親是薩拉·埃特爾·蘭道（Sarah Ethel Landau，1892年(nian)-？），兩人(ren)從(cong)奧(ao)匈帝國（今烏克蘭一(yi)(yi)帶）移居美國，在(zai)當(dang)地邂逅，曾在(zai)血汗工(gong)廠工(gong)作(zuo)。弗里(li)德(de)曼(man)是家(jia)(jia)中第一(yi)(yi)個孩子，也是唯一(yi)(yi)的(de)(de)(de)男孩。他的(de)(de)(de)三個妹(mei)(mei)妹(mei)(mei)包括：蒂莉(li)·F·弗里(li)德(de)曼(man)（Tillie F. Friedman，1919年(nian)-？）、海(hai)倫·弗里(li)德(de)曼(man)（Helen Friedman，1920年(nian)-？）和(he)露絲·弗里(li)德(de)曼(man)（Ruth Friedman，1921年(nian)-？）。高中時，弗里(li)德(de)曼(man)父親逝(shi)世后，舉家(jia)(jia)搬到新澤(ze)西州的(de)(de)(de)羅威(wei)市（Rahway）。
他16歲前完成高中，憑(ping)獎(jiang)學(xue)(xue)(xue)金入(ru)讀羅(luo)(luo)格斯大(da)學(xue)(xue)(xue)。原打算成為(wei)精算師的弗里(li)(li)德曼最初修讀數學(xue)(xue)(xue)，但(dan)成績(ji)平平。1932年(nian)取得(de)文學(xue)(xue)(xue)士(shi)，翌(yi)年(nian)他到芝(zhi)(zhi)加哥(ge)大(da)學(xue)(xue)(xue)修讀碩士(shi)，1933年(nian)芝(zhi)(zhi)大(da)碩士(shi)畢業(ye)。上(shang)第一(yi)堂經濟課時，座(zuo)位是以(yi)姓氏字母編排，他緊隨一(yi)名叫羅(luo)(luo)斯（Rose Director）的女生(sheng)之后。兩(liang)人(ren)6年(nian)后結婚，從此終生(sheng)不渝(yu)。弗里(li)(li)德曼曾說(shuo)他的作(zuo)品無(wu)一(yi)不被(bei)羅(luo)(luo)斯審閱(yue)，更笑言自己成為(wei)學(xue)(xue)(xue)術權(quan)威(wei)后，羅(luo)(luo)斯是唯一(yi)膽敢跟他辯(bian)論的人(ren).
畢業后，他曾(ceng)為羅斯福新(xin)政工作以求糊(hu)口，批(pi)準了許(xu)多早期的(de)新(xin)政措(cuo)施以解決當時面(mian)臨的(de)艱難經(jing)濟(ji)情況，尤其是新(xin)政的(de)許(xu)多公共建設計劃。輾轉間他到哥倫比(bi)亞大學(xue)繼續(xu)修讀(du)經(jing)濟(ji)學(xue)，研(yan)究計量、制度及(ji)(ji)實踐經(jing)濟(ji)學(xue)。返回(hui)芝加(jia)哥后，獲(huo)亨利·舒爾茨(ci)（Henry Schultz）聘任為研(yan)究助理，協助完成(cheng)《需(xu)求理論及(ji)(ji)計算》論文。為美國國家經(jing)濟(ji)研(yan)究局工作時，他1940年曾(ceng)完成(cheng)一書，指醫生的(de)壟斷局面(mian)導(dao)致(zhi)他們的(de)收入遠高于牙醫，引起局方爭(zheng)議，令該書要在戰后始能出(chu)版(ban)。
弗(fu)里(li)德(de)曼在威斯康(kang)辛(xin)大學任教(jiao)了(le)一(yi)小段(duan)時間，但由(you)于在經濟學系里(li)碰(peng)上了(le)反(fan)猶主義者的阻(zu)撓(nao)而只得返(fan)回政(zheng)府部(bu)門工作(zuo)。
1941年(nian)至(zhi)1943年(nian)，他出(chu)任(ren)美國財政(zheng)部顧(gu)問(wen)，研(yan)究(jiu)戰(zhan)時稅務政(zheng)策，曾(ceng)支(zhi)持凱恩斯主義的(de)稅賦政(zheng)策，并且協(xie)助(zhu)推廣預(yu)扣所得稅制度。1943年(nian)至(zhi)1945年(nian)在哥倫(lun)比亞大(da)學(xue)參(can)與Harold Hotelling及W. Allen Wallis的(de)研(yan)究(jiu)小組，為(wei)武(wu)器(qi)設(she)計、戰(zhan)略及冶金實驗分析(xi)數(shu)據。1945年(nian)，他與后(hou)(hou)來的(de)諾貝爾經(jing)濟(ji)(ji)學(xue)獎得主喬治·斯蒂格勒到明尼蘇達(da)大(da)學(xue)任(ren)職(zhi)，1946年(nian)他獲哥倫(lun)比亞大(da)學(xue)博士學(xue)位，隨后(hou)(hou)回到芝加(jia)哥大(da)學(xue)教授經(jing)濟(ji)(ji)理論，期間再為(wei)國家經(jing)濟(ji)(ji)研(yan)究(jiu)局研(yan)究(jiu)貨幣在商業(ye)周期的(de)角色。這(zhe)是他學(xue)術上的(de)重大(da)分水嶺。
在(zai)他(ta)的(de)自傳中(zhong)，弗(fu)里(li)(li)德(de)曼(man)曾描述(shu)1941至43年為(wei)羅斯(si)福新政(zheng)(zheng)工作時，“當時我(wo)是一(yi)個徹(che)底的(de)凱(kai)恩斯(si)主義者”。隨著時間過去(qu)，弗(fu)里(li)(li)德(de)曼(man)對于經濟(ji)政(zheng)(zheng)策的(de)看法也(ye)逐漸(jian)轉變(bian)，他(ta)在(zai)芝(zhi)大成立(li)貨(huo)(huo)幣及銀行(xing)研究小(xiao)組，借著經濟(ji)史(shi)論家安娜·施瓦茨的(de)協助(zhu)，發表影(ying)響深(shen)遠的(de)《美國貨(huo)(huo)幣史(shi)》著作。他(ta)在(zai)書中(zhong)挑戰凱(kai)恩斯(si)學派的(de)觀點，抨(peng)擊他(ta)們忽(hu)略貨(huo)(huo)幣供應、金(jin)融政(zheng)(zheng)策對經濟(ji)周(zhou)期(qi)及通脹(zhang)的(de)重要(yao)性。
他(ta)接著在芝加(jia)哥(ge)大(da)學(xue)擔任經濟(ji)(ji)(ji)學(xue)教授(shou)，直至(zhi)1976年(nian)退休。這30年(nian)里(li)他(ta)將芝大(da)經濟(ji)(ji)(ji)系形塑成緊密而完(wan)整的(de)經濟(ji)(ji)(ji)學(xue)派(pai)，力倡自(zi)由經濟(ji)(ji)(ji)，被稱為芝加(jia)哥(ge)經濟(ji)(ji)(ji)學(xue)派(pai)。在弗(fu)里(li)德(de)(de)曼(man)的(de)領導下，多名芝加(jia)哥(ge)學(xue)派(pai)的(de)成員獲得(de)諾貝爾經濟(ji)(ji)(ji)學(xue)獎。他(ta)在1953年(nian)至(zhi)1954年(nian)間以訪問學(xue)者的(de)身分前(qian)往英國(guo)劍(jian)橋(qiao)大(da)學(xue)岡維(wei)爾與(yu)凱斯學(xue)院任教。從(cong)1977年(nian)開始弗(fu)里(li)德(de)(de)曼(man)也加(jia)入了斯坦(tan)福大(da)學(xue)的(de)胡(hu)佛研究所。弗(fu)里(li)德(de)(de)曼(man)在1988年(nian)取得(de)了美國(guo)的(de)國(guo)家(jia)科學(xue)獎章。
他(ta)在(zai)(zai)1980主持了名為“選(xuan)擇的(de)自由”的(de)節(jie)目，并出版了同(tong)名的(de)著作(zuo)，使(shi)得他(ta)廣泛(fan)的(de)被大眾認識。在(zai)(zai)節(jie)目中他(ta)以(yi)一支鉛筆說明自由市場的(de)原理的(de)片段，成為了他(ta)廣受(shou)歡迎的(de)一段言論，至今(jin)在(zai)(zai)網絡上依然可以(yi)見到其蹤影。
他(ta)(ta)通常反對政(zheng)(zheng)府干預的(de)(de)(de)(de)(de)(de)計(ji)劃，尤其是(shi)(shi)對于市場價(jia)(jia)格(ge)的(de)(de)(de)(de)(de)(de)管制，他(ta)(ta)認為價(jia)(jia)格(ge)在(zai)(zai)市場機(ji)制里扮(ban)演調度資源所不可或缺的(de)(de)(de)(de)(de)(de)信(xin)號功能(neng)。在(zai)(zai)《美國(guo)貨幣(bi)歷史(shi)》一(yi)書中(zhong)，他(ta)(ta)提出大蕭條(tiao)其實(shi)是(shi)(shi)政(zheng)(zheng)府對于貨幣(bi)供應管制不當(dang)所致。后(hou)來他(ta)(ta)在(zai)(zai)2006年說道：“你(ni)(ni)知道嗎？很奇怪的(de)(de)(de)(de)(de)(de)是(shi)(shi)為何(he)人們仍(reng)以為是(shi)(shi)羅斯福的(de)(de)(de)(de)(de)(de)政(zheng)(zheng)策讓(rang)我們脫離了(le)經濟(ji)大蕭條(tiao)。當(dang)時(shi)的(de)(de)(de)(de)(de)(de)問題是(shi)(shi)，你(ni)(ni)有一(yi)堆失業的(de)(de)(de)(de)(de)(de)機(ji)器和失業的(de)(de)(de)(de)(de)(de)人民，你(ni)(ni)怎么能(neng)靠著成立產業壟斷集團(tuan)和提升價(jia)(jia)格(ge)及工資來解決他(ta)(ta)們的(de)(de)(de)(de)(de)(de)問題？”
1992年獲諾貝爾經(jing)(jing)濟(ji)(ji)獎的(de)(de)加里·貝克形(xing)容，弗(fu)里德曼可能是全球(qiu)最(zui)為人認識的(de)(de)經(jing)(jing)濟(ji)(ji)學(xue)家，“他(ta)能以最(zui)簡單(dan)的(de)(de)語言表(biao)達(da)最(zui)艱深(shen)的(de)(de)經(jing)(jing)濟(ji)(ji)理論”。他(ta)亦是極(ji)出色的(de)(de)演說家，能隨時即(ji)席演說，極(ji)富說服力。香港科技大學(xue)經(jing)(jing)濟(ji)(ji)發展(zhan)研究中心(xin)主任雷(lei)鼎鳴(ming)形(xing)容弗(fu)里德曼思(si)考快如閃(shan)電，據說辯論從未輸過。“無(wu)人敢說辯贏(ying)了他(ta)，因與他(ta)辯論過已是無(wu)限光榮，沒多少人能與他(ta)說上兩分鐘。”
弗里(li)德(de)(de)曼(man)(man)是(shi)學(xue)(xue)(xue)術世家。他妻(qi)子(zi)(zi)羅絲是(shi)經濟學(xue)(xue)(xue)家，其妻(qi)兄長(chang)亞倫·戴雷科特(te)是(shi)芝加(jia)哥(ge)大(da)學(xue)(xue)(xue)聲望(wang)顯赫的(de)法律學(xue)(xue)(xue)教(jiao)授。弗里(li)德(de)(de)曼(man)(man)育有兩名子(zi)(zi)女，包括女兒珍(zhen)尼·弗里(li)德(de)(de)曼(man)(man)及大(da)衛·弗里(li)德(de)(de)曼(man)(man)，大(da)衛本(ben)身是(shi)無(wu)政(zheng)府(fu)資(zi)本(ben)主(zhu)義學(xue)(xue)(xue)說的(de)重要(yao)學(xue)(xue)(xue)者。大(da)衛的(de)兒子(zi)(zi)Patri畢(bi)業于斯坦福大(da)學(xue)(xue)(xue)，2006年時在(zai)Google任(ren)職(zhi)。
他于2006年11月16日在(zai)舊金山家中因心(xin)臟病發引致衰竭(jie)逝世。
"Professor Pigou's Method for Measuring Elasticities of Demand From Budgetary Data" The Quarterly Journal of Economics Vol. 50, No. 1 (Nov., 1935), pp. 151-163 JSTOR
"Marginal Utility of Money and Elasticities of Demand," The Quarterly Journal of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533 JSTOR
"The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance," Journal of the American Statistical Association Vol. 32, No. 200 (Dec., 1937), pp. 675-701 JSTOR
"The Inflationary Gap: II. Discussion of the Inflationary Gap," American Economic Review Vol. 32, No. 2, Part 1 (Jun., 1942), pp. 314-320 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(li)德曼的博(bo)士論文
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"A Monetary and Fiscal Framework for Economic Stability", 1948, American Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245-264 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)
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"Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
"The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, Studies in Quantity Theory.
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
"Monetary Data and National Income Estimates," Economic Development and Cultural Change Vol. 9, No. 3, (Apr., 1961), pp. 267-286 JSTOR
"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
"The Interpolation of Time Series by Related Series," Journal of the American Statistical Association Vol. 57, No. 300 (Dec., 1962), pp. 729-757 JSTOR
"Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, In Search of a Monetary Constitution
Inflation: Causes and consequences, 1963.
"Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR
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
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"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
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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
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"Franklin D. Roosevelt, Silver, and China," Journal of Political Economy Vol. 100, No. 1 (Feb., 1992), pp. 62-83 JSTOR
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.
《實證經濟學論文集》（Essays in Positive Economics）
《消費函數理論》（A Theory of the Consumption Function）
《資本主(zhu)義與自(zi)由》（Capitalism and Freedom）
《自由選擇》（Free to Choose）
《價格理論》（Price Theory：A Provisional Text）
《美國貨幣史(shi)》（A Monetary History of the United States，1867一1960）與施瓦茲（Anna J.Schwartz）
弗里德曼最知名的(de)(de)(de)(de)(de)理論(lun)(lun)，是他提出的(de)(de)(de)(de)(de)貨(huo)(huo)幣(bi)供(gong)給(gei)作(zuo)為決(jue)(jue)定生產(chan)價值基準的(de)(de)(de)(de)(de)因素，通貨(huo)(huo)膨脹在(zai)(zai)(zai)(zai)根本上(shang)(shang)源(yuan)(yuan)(yuan)自于(yu)貨(huo)(huo)幣(bi)供(gong)給(gei)量的(de)(de)(de)(de)(de)主(zhu)張。貨(huo)(huo)幣(bi)主(zhu)義是現代經(jing)濟學在(zai)(zai)(zai)(zai)貨(huo)(huo)幣(bi)數量理論(lun)(lun)的(de)(de)(de)(de)(de)重要觀點(dian)之一，這種理論(lun)(lun)的(de)(de)(de)(de)(de)根源(yuan)(yuan)(yuan)可以追(zhui)溯至(zhi)16世紀西班牙的(de)(de)(de)(de)(de)薩拉曼卡(ka)學派，弗里德曼的(de)(de)(de)(de)(de)貢(gong)獻則(ze)是現代化了(le)這種理論(lun)(lun)，將其推廣為現代經(jing)濟學的(de)(de)(de)(de)(de)主(zhu)流(liu)貨(huo)(huo)幣(bi)學說(shuo)。他在(zai)(zai)(zai)(zai)1963年與Anna Schwartz合著的(de)(de)(de)(de)(de)A Monetary History of the United States一書中檢驗(yan)了(le)美國(guo)歷史(shi)上(shang)(shang)貨(huo)(huo)幣(bi)供(gong)給(gei)和(he)經(jing)濟活動之間的(de)(de)(de)(de)(de)關聯(lian)。他們(men)得出了(le)驚(jing)人(ren)結論(lun)(lun)：貨(huo)(huo)幣(bi)供(gong)給(gei)一向是經(jing)濟活動起伏的(de)(de)(de)(de)(de)唯一影響來源(yuan)(yuan)(yuan)。又或者(zhe)如同美國(guo)聯(lian)邦儲備(bei)系統(tong)的(de)(de)(de)(de)(de)主(zhu)席本·伯南(nan)克(ke)在(zai)(zai)(zai)(zai)2002年慶祝弗里德曼90歲生日時所描述的(de)(de)(de)(de)(de)：“有關大蕭條，你是正確的(de)(de)(de)(de)(de)，我們(men)（聯(lian)邦儲備(bei)系統(tong)）當時的(de)(de)(de)(de)(de)確做錯(cuo)了(le)。我們(men)真的(de)(de)(de)(de)(de)很抱歉。”David Meiselman在(zai)(zai)(zai)(zai)1960年代進(jin)行的(de)(de)(de)(de)(de)幾次(ci)研(yan)究(jiu)顯示了(le)貨(huo)(huo)幣(bi)供(gong)給(gei)在(zai)(zai)(zai)(zai)決(jue)(jue)定經(jing)濟投資、以及(ji)(ji)政府開銷(xiao)在(zai)(zai)(zai)(zai)決(jue)(jue)定消(xiao)費及(ji)(ji)生產(chan)總額上(shang)(shang)的(de)(de)(de)(de)(de)角色是至(zhi)高(gao)無上(shang)(shang)的(de)(de)(de)(de)(de)。弗里德曼的(de)(de)(de)(de)(de)觀察研(yan)究(jiu)和(he)一些學說(shuo)進(jin)一步(bu)推展了(le)這種結論(lun)(lun)，主(zhu)張貨(huo)(huo)幣(bi)供(gong)給(gei)的(de)(de)(de)(de)(de)改變(bian)是影響經(jing)濟生產(chan)的(de)(de)(de)(de)(de)首要原因，但長期的(de)(de)(de)(de)(de)影響則(ze)是由(you)物價水平決(jue)(jue)定的(de)(de)(de)(de)(de)。
弗里德曼(man)對于消費層面的(de)(de)(de)分析(xi)也相(xiang)當知(zhi)名，亦即他(ta)在1957年(nian)提出(chu)的(de)(de)(de)恒常所得假說(shuo)。這(zhe)個理論被一些經(jing)(jing)濟(ji)(ji)學(xue)者視(shi)為是他(ta)在經(jing)(jing)濟(ji)(ji)學(xue)方法論上最重要的(de)(de)(de)貢獻(xian)。他(ta)其他(ta)重要的(de)(de)(de)貢獻(xian)還包(bao)括了(le)對菲利普斯曲(qu)線的(de)(de)(de)批評，以及他(ta)提出(chu)的(de)(de)(de)失業率(lv)(lv)的(de)(de)(de)自(zi)然(ran)比(bi)率(lv)(lv)的(de)(de)(de)概(gai)念（1968年(nian)）。這(zhe)些學(xue)說(shuo)都與貨(huo)幣和金融政策在對經(jing)(jing)濟(ji)(ji)的(de)(de)(de)長(chang)期(qi)及短期(qi)影(ying)響(xiang)上有(you)關。在統計學(xue)上，他(ta)則創造出(chu)了(le)知(zhi)名的(de)(de)(de)弗里德曼(man)測試。
弗里德曼的(de)論文The Methodology of Positive Economics（1953年(nian)）則替(ti)他(ta)稍后幾十年(nian)的(de)研究方法(fa)論架構了(le)模型，并且也成為(wei)(wei)了(le)芝加(jia)哥經濟學(xue)派的(de)主要框(kuang)架之一(yi)。他(ta)主張經濟學(xue)身為(wei)(wei)一(yi)種學(xue)科，應該(gai)(gai)免于客觀的(de)價值衡量(liang)。除此之外(wai)，一(yi)個經濟理論有用(yong)與否，不(bu)應該(gai)(gai)是以它(ta)對現實的(de)描(miao)述(shu)（例(li)如頭發顏色）作為(wei)(wei)衡量(liang)標準(zhun)，而(er)是應該(gai)(gai)以它(ta)能(neng)否有效作為(wei)(wei)對未來情況(kuang)的(de)預測為(wei)(wei)基準(zhun)。
弗(fu)里德曼在(zai)理論上有三大(da)貢獻，首先是提出現代(dai)貨(huo)(huo)(huo)幣數量論，即通貨(huo)(huo)(huo)膨(peng)脹起(qi)源于“太多的(de)(de)貨(huo)(huo)(huo)幣追逐太少的(de)(de)商(shang)品”。政(zheng)府(fu)可以(yi)通過控制貨(huo)(huo)(huo)幣增(zeng)長來遏制通脹。這被視為現代(dai)經濟(ji)理論的(de)(de)一場革命。
其次(ci)，他創立消(xiao)(xiao)費(fei)(fei)函數理(li)論(lun)，對凱(kai)恩斯經濟理(li)論(lun)中(zhong)的(de)(de)(de)邊際(ji)消(xiao)(xiao)費(fei)(fei)遞(di)減(jian)規律(lv)進行駁斥。凱(kai)恩斯認為(wei)，隨(sui)著社會(hui)財富和個(ge)人(ren)收入的(de)(de)(de)增(zeng)加，人(ren)們(men)用于(yu)消(xiao)(xiao)費(fei)(fei)方面的(de)(de)(de)支(zhi)出呈(cheng)遞(di)減(jian)趨勢，與此(ci)同時儲蓄(xu)則越(yue)來越(yue)多(duo)。因(yin)此(ci)政(zheng)府可以通過增(zeng)加公共支(zhi)出來抵消(xiao)(xiao)個(ge)人(ren)消(xiao)(xiao)費(fei)(fei)的(de)(de)(de)減(jian)少(shao)，從而保證(zheng)經濟的(de)(de)(de)持續增(zeng)長。弗里德曼(man)指出，這一理(li)論(lun)站不(bu)住腳(jiao)，因(yin)為(wei)人(ren)們(men)的(de)(de)(de)欲望實際(ji)上永無止境，原有的(de)(de)(de)得到滿足后，新的(de)(de)(de)隨(sui)即產生。
第三(san)，1968年，弗里德曼與美(mei)國哥(ge)倫比亞大學(xue)經濟學(xue)家菲(fei)爾普同(tong)時提出“自然(ran)率假說”理論。他們發現(xian)，長期來看(kan)，失業(ye)率與通貨膨脹(zhang)并沒有必(bi)然(ran)聯(lian)系。自然(ran)失業(ye)率永遠存在，是不(bu)可消(xiao)除的(de)。因(yin)此政府的(de)宏觀調控政策長期來看(kan)是不(bu)起任何作(zuo)用的(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(zhang)
1988年：總統自(zi)由勛章（Presidential Medal of Freedom）
巧笑倩兮 
