Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of Presidents Nixon, Ford and Reagan, died Thursday. He was 94.
Friedman died in San Francisco, said Robert Fanger, a spokesman for the Milton and Rose D. Friedman Foundation in Indianapolis. He did not know the cause of death.
In more than a dozen books and in his column in Newsweek magazine, Friedman championed individual freedom in economics and politics.
His theory of monetarism, adopted in part by the Nixon, Ford and Reagan administrations, opposed the traditional Keynesian economics that had dominated U.S. policy since the New Deal. He was a member of Reagan’s Economic Policy Advisory Board.
His theories won him a Nobel in economics in 1976.
“He has used a brilliant mind to advance a moral vision – the vision of a society where men and women are free, free to choose, but where government is not as free to override their decisions,” President Bush said in 2002. “That vision has changed America, and it is changing the world.”