Filed at 12:54 a.m. ET
SAN FRANCISCO (AP) -- Milton Friedman, a Nobel Prize-winning economist who championed individual freedom, influenced the economic policies of three presidents and befriended world leaders, died Thursday, a spokesman for the Milton and Rose D. Friedman Center in Indianapolis said. He was 94.
In numerous books, a Newsweek magazine column and a PBS show, 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.
Friedman's theory of monetarism was adopted in part by the Nixon, Ford and Reagan administrations. It 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 work in consumption analysis, monetary history and stabilization policy earned him the Nobel Prize in economics in 1976.
Friedman favored a policy of steady, moderate growth in the money supply, opposed wage and price controls and criticized the Federal Reserve when it tried to fine-tune the economy.
He argued that government should allow the free market to operate to solve inflation and other economic problems. But he also urged adoption of a ''negative income tax'' in which people who earn less than a certain amount would get money back from national coffers.