Milton Freidman dies aged 94

Milton Freidman, the inspiration for many of Margaret Thatcher’s economic policies, has died aged 94.

The economist who coined the phrase “There’s no such thing as a free lunch” was the man who proved that inflation could be controlled by targeting the supply of money. This theory became monetarism.

Dr Freidman won the Nobel prize for economics in 1976. He died in San Francisco.