The following booklet titled, “Economic Thinking Of Prof. Milton Friedman” was published in 1977 in honour of Prof. Milton Friedman winning the Nobel Prize for Economics for his contribution to consumption analysis and his work on the monetary theory. The text is divided into two sections; the first section is derived from Prof. Milton Friedman’s article published in “Swarajya” on March 30, 1963, and it discusses the drawbacks of pegging the exchange value of the Rupee. Referring to India’s artificial market exchange rate as its Achilles heel, Prof. Friedman suggests that India should have a floating exchange rate determined by day-to-day transactions in order for the country to avoid an exchange crisis in the future. The second part of the text is derived from an issue of the “COMMERCE”, published on October 23, 1976, and consists of a critical analysis of Prof. Friedman’s economic thinking by the acclaimed economist, Prof. P. R. Brahmananda. Tracing the trajectory of his work, Prof. Brahmananda encapsulates Prof. Friedman’s economic beliefs and captures the essence of the ‘Modern Quantity Theory’, which was synthesised, empirically stimulated and verified by Prof. Friedman.