Nobel winner Friedman dies, 94

Published November 17, 2006

SAN FRANCISCO - Milton Friedman, a Nobel Prize-winning economist who championed individual freedom, influenced the economic policies of three presidents and befriended world leaders, died Thursday. He was 94.

Mr. Friedman, who popularized the phrase "There is no such thing as a free lunch," died in San Francisco. The cause of death is not known.

"Milton Friedman revived the economics of liberty when it had been all but forgotten," said former British Prime Minister Margaret Thatcher, one of the politicians and colleagues who lauded Mr. Friedman on Thursday. "He was an intellectual freedom fighter. Never was there a less dismal practitioner of a dismal science."

In numerous books, a Newsweek magazine column and a PBS show, Mr. Friedman championed individual freedom in economics and politics.

The longtime University of Chicago professor pioneered a school of thought that became known as the Chicago school of economics. His work is still widely influential in the business world, academia and politics.

Mr. Friedman's theory of monetarism was adopted in part by the Nixon, Ford and Reagan administrations. His work in consumption analysis, monetary history and stabilization policy earned him the Nobel Prize in economics in 1976.

He is survived by his wife and two children.