Catherwood LibraryILR School

Nobel prize-winning 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, 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. Mr. Friedman was also a key advocate of deregulation and privatization.