Short answers, pulled from the story.
Friedman received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. He was the sole recipient that year.
The permanent income hypothesis, introduced in Friedman's 1957 book A Theory of the Consumption Function, holds that households base their spending on expected average income over several years rather than current income. Windfall gains are mostly saved because of diminishing marginal utility, and consumption is smoothed over time.
Friedman, co-authoring with Anna Schwartz in A Monetary History of the United States (1963), argued that the Federal Reserve allowed the money supply to fall by one-third between 1929 and 1933. He called the episode the Great Contraction and concluded that this monetary failure turned an ordinary recession into a major catastrophe.
Friedman's k-percent rule is his proposal to expand the money supply by a fixed, predetermined percentage each year, automatically, rather than through discretionary central bank decisions. He believed the Federal Reserve should ultimately be replaced by a computer program that would buy and sell securities in response to money supply changes.
In March 1975, Friedman spent seven days in Chile giving lectures at the Pontifical Catholic University of Chile and the University of Chile at the invitation of a private foundation. He also wrote to Pinochet on the 21st of April 1975 recommending shock treatment for inflation running at 10-20 percent a month. Friedman maintained he was never an adviser to the dictatorship and repeatedly criticized Pinochet's political regime while defending the economic reforms.
Friedman served as an unofficial adviser to Reagan during his 1980 presidential campaign and then sat on the President's Economic Policy Advisory Board throughout the Reagan administration. In Britain, he regularly spoke at the Institute of Economic Affairs, where Margaret Thatcher met him in 1978; he also strongly influenced her senior economic adviser Keith Joseph. Reagan awarded Friedman both the Presidential Medal of Freedom and the National Medal of Science in 1988.