Today is a Sad Day for Economics

Friedman is a great economist, and it is sad to see him go.

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Posted AT 1:23 PM EST ON 16/11/06

Economist Milton Friedman dead at 94

Globe and Mail Update

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 Prize in economics in 1976.

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