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| Economist Friedman dies aged 94 | Economist Friedman dies aged 94 |
| (10 minutes later) | |
| Nobel prize-winning US economist Milton Friedman has died at the age of 94. | Nobel prize-winning US economist Milton Friedman has died at the age of 94. |
| Mr Friedman died in San Francisco, a spokesman for his family said. The cause of death is not yet known. | Mr Friedman died in San Francisco, a spokesman for his family said. The cause of death is not yet known. |
| Mr Friedman, who coined the phrase "there's no such thing as a free lunch", was awarded the Nobel Prize for economics in 1976. | Mr Friedman, who coined the phrase "there's no such thing as a free lunch", was awarded the Nobel Prize for economics in 1976. |
| Known as the high priest of monetarism, his ideas gained popularity in the 1980s when they influenced the policies of Margaret Thatcher and Ronald Reagan. | Known as the high priest of monetarism, his ideas gained popularity in the 1980s when they influenced the policies of Margaret Thatcher and Ronald Reagan. |
| The leaders were won over by Mr Friedman's idea that the supply of money was the key factor in determining economic growth and the rate of inflation. | The leaders were won over by Mr Friedman's idea that the supply of money was the key factor in determining economic growth and the rate of inflation. |
| 'Visionary' | |
| Throughout his more than 30 years as Professor of Economics at Chicago University, Mr Friedman was a champion of the free market. | Throughout his more than 30 years as Professor of Economics at Chicago University, Mr Friedman was a champion of the free market. |
| He was also viewed as an accomplished and fluent speaker who, it was said, had never lost an argument. | He was also viewed as an accomplished and fluent speaker who, it was said, had never lost an argument. |
| "America has lost a true visionary and advocate for human freedom. And I have lost a great friend," said Gordon St Angelo, president of the Friedman Foundation. | |
| Mr St Angelo added that Mr Friedman had been a highly influential figure who "transformed the minds of US Presidents, world leaders, entrepreneurs and freshmen economic majors alike". |