シカゴ学派のリーダーとして、ノーベル経済学賞受賞者を含め多くの経済学者を育てた。マネタリストの代表者と見なされ、政府の裁量的な財政政策に反対した。政府の財政政策によってではなく、貨幣供給量と利子率によって、景気循環が決定されると考えた。また、1955年には、教育バウチャー(利用券)制度を提唱したことでも知られる。これは公立学校に市場原理を導入することで競争を促し、公教育の質の向上を図ろうとするものであり、各国における公立学校選択制の導入に大きな影響を与えている。主著は『A Monetary History of the United States, 1867-1960』、『資本主義と自由』。
フリードマンは、金本位制が問題であったと理解しており、著書『A Monetary History of the United States, 1867-1960』の中で、大恐慌はこれまでの通説(市場の失敗)ではなく、不適切な金融引き締めという裁量的政策の失敗が原因だと主張した。従来、この時期には金利は低く抑えられており、金融引き締めはなかったと理解されていたが、マネーサプライは大幅に縮小していた。金融政策の失敗を世界恐慌の真因としたフリードマンの説は、現在も有力な説とされており、その後の数多くの研究者が発表した学術論文によって、客観的に裏付けされている。ベン・バーナンキFRB理事(当時)は、2002年のフリードマンの誕生日に「あなた方は正しい。大恐慌はFRBが引き起こした。あなた方のおかげで、我々は二度と同じ過ちを繰り返さないだろう」とこの主張を認めている。ただし当時のようにデフレ期待が浸透してしまい民間事業者が投資意欲を失った状況でマネーサプライを増加させるには、国債を中央銀行に直接引き受けさせるなどして新規貨幣を創造しかつ、政府が直接支出するしかないと考えられる。実際、石橋湛山はそう提唱し、1932年蔵相高橋是清は日銀の深井英五の協力を得て国債の中央銀行引き受け、政府による時局救匡事業を実施、世界で最初に大恐慌から脱出した。。
また、J.L.コモンズは不況期には利潤マージンが消失し、銀行家が新規貨幣を創造することに協力して借り入れる事業者などいないため、政府が新規貨幣を創造し公共事業などにより直接失業者や企業に支払わなければならないとしているのも、実質的に同じ事を示している。。
Milton Friedman (1957). A theory of the consumption function. Princeton University Press
今井賢一・宮川公男 訳『消費の経済理論』巌松堂、1961年。ASIN B000JANEVI。
Milton Friedman (1959). A Program for Monetary Stability. Fordham University Press. https://www.questia.com/read/22831717/a-program-for-monetary-stability
三宅武雄 訳『貨幣の安定をめざして』ダイヤモンド社、1963年。ASIN B000JAIRO2。
Milton Friedman (1962). Capitalism and Freedom. University of Chicago Press
Milton Friedman; Anna Schwartz (1982). Monetary Trends in the United States and the United Kingdom: Their relations to income, prices and interest rates, 1876-1975. University of Chicago Press
Milton Friedman; Rose Friedman (1984). The Tyranny of the Status Quo. Harcourt Brace Jovanovich. ISBN 9780151923793
ローズ・フリードマン 著、林直嗣・大岩雄次郎 訳『奇跡の選択』三笠書房、1984年。
Milton Friedman; Rose D. Friedman (1998). Two Lucky People: Memoirs. University of Chicago Press. ISBN 0226264157
"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
"The Spendings Tax as a Wartime Fiscal Measure," American Economic Review Vol. 33, No. 1, Part 1 (Mar., 1943), pp. 50–62 JSTOR
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), Friedman's PhD thesis
"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
"A Monetary and Fiscal Framework for Economic Stability", 1948, American Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245–264 JSTOR
"A Fiscal and Monetary Framework for Economic Stability," Econometrica Vol. 17, Supplement: Report of the Washington Meeting (Jul., 1949), pp. 330–332 JSTOR
"The Marshallian Demand Curve," The Journal of Political Economy Vol. 57, No. 6 (Dec., 1949), pp. 463–495 JSTOR
"Wesley C. Mitchell as an Economic Theorist," The Journal of Political Economy Vol. 58, No. 6 (Dec., 1950), pp. 465–493 JSTOR
"Some Comments on the Significance of Labor Unions for Economic Policy", 1951, in D. McC. Wright, editor, The Impact of the Union.
"Commodity-Reserve Currency," Journal of Political Economy Vol. 59, No. 3 (Jun., 1951), pp. 203–232 JSTOR
"Price, Income, and Monetary Changes in Three Wartime Periods," American Economic Review Vol. 42, No. 2, Papers and Proceedings of the Sixty-fourth Annual Meeting of the American Economic Association (May, 1952), pp. 612–625 JSTOR
"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
"Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277–290 JSTOR
"A Memorandum to the Government of India November 1955", MS first published at University of Hawaii May 21, 1989; first published in the book Foundations of India's Political Economy, edited by Subroto Roy & WE James, Sage 1992
"The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, Studies in Quantity Theory.
"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 online version
"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
"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
"Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32–64 JSTOR
"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.
"Keynes and the Quantity Theory: A Comment on The Friedman-Meiselman CMC Paper: Reply to Donald Hester," The Review of Economics and Statistics Vol. 46, No. 4 (Nov., 1964), pp. 369-376 with D. Meiselman JSTOR
"Reply to Ando and Modigliani and to DePrano and Mayer," with David Meiselman. American Economic Review Vol. 55, No. 4 (Sep., 1965), pp. 753–785 JSTOR
"Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct., 1966), pp. 71–85 JSTOR
"The Monetary Theory and Policy of Henry Simons," Journal of Law and Economics Vol. 10 (Oct., 1967), pp. 1–13 JSTOR
"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
"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
"Comment on Tobin," The Quarterly Journal of Economics Vol. 84, No. 2 (May, 1970), pp. 318-327 JSTOR
"A Theoretical Framework for Monetary Analysis," Journal of Political Economy Vol. 78, No. 2 (Mar., 1970), pp. 193–238 JSTOR
"A Monetary Theory of Nominal Income", 1971, Journal of Political Economy JSTOR
"Government Revenue from Inflation," Journal of Political Economy Vol. 79, No. 4 (Jul., 1971), pp. 846–856 JSTOR
"Have Monetary Policies Failed?" American Economic Review Vol. 62, No. 1/2 (1972), pp. 11–18 JSTOR
"Comments on the Critics," Journal of Political Economy Vol. 80, No. 5 (Sep., 1972), pp. 906–950 JSTOR
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"The Crime of 1873," Journal of Political Economy Vol. 98, No. 6 (Dec., 1990), pp. 1159–1194 JSTOR
以下は動画
The Power of Choice (2007) Free to Choose Media.
Free to Choose (1980) (1990) Free to Choose.
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PRC Forum: Milton Friedman (1987) The Idea Channel.
Milton Friedman interviewed (1991) about America's drug war.
Monetary Revolutions (1992) The Idea Channel.
Money (1992) The Idea Channel.
Efforts in Eastern Europe to Localize Government (1993) The Idea Channel.
Privatization Trends in Eastern Europe (1993) The Idea Channel.
Health Care Reform (1992) The Idea Channel.
Economically Speaking -- Why Economists Disagree (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 01, "What is America?" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 02, "Myths That Conceal Reality" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 03, "Is Capitalism Humane?" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 04, "The Role of Government in a Free Society" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 05, "What Is Wrong with the Welfare State?" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 06, "Money and Inflation" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 07, "Is Tax Reform Possible?" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 08, "Free Trade: Producer vs. Consumer" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 09, "The Energy Crisis: A Humane Solution" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 10, "The Economics of Medical Care" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 11, "Putting Learning Back in the Classroom" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 12, "Who Protects the Consumer?" and Q & A (1978) The Idea Channel.
Milton Friedman Speaks: Lecture 13, "Who Protects the Worker?" and Q & A (1978) The Idea Channel.