- 1976 - received Nobel Memorial Prize in Economic Science.
- 1988 - received US Presidential Medal of Freedom and the US National Medal of Science.
- Economist and author.
- He was nominated for the 2008 New Jersey Hall of Fame for his services to Enterprise.
- He was nominated for the 2010 New Jersey Hall of Fame for his services and contributions to the Worldwide Economy.
- He was nominated for the 2012 New Jersey Hall of Fame for his contributions in the General Category.
- Co-founder, with Rose Friedman, of "The Friedman Foundation for Educational Choice".
- Co-author of "A Monetary History of the United States, 1867-1960" with Anna Schwartz.
- He was nominated for a 2013 New Jersey Hall of Fame in the General Category.
- He was nominated for the 2016 New Jersey Hall of Fame in the Public Service category.
- He was nominated for the 2018 New Jersey Hall of Fame in the Public Service category.
- Son: David D. Friedman.
- He was inducted into the 2019-2020 Class of New Jersey Hall of Fame in the Public Service category.
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