Nobel Prize-winning economist Milton Friedman AP PHOTO

Friedman died in San Francisco of heart failure.

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 administrations of U.S. Presidents Richard Nixon, Gerald Ford and Ronald Reagan, opposed the traditional Keynesian economics -- which argue that the state should intervene in economies -- that had dominated U.S. policy since the 1930s. He was a member of Reagan's Economic Policy Advisory Board.

His theories won him a Nobel Prize in economics in 1976.

The Japan Times Weekly: Nov. 25, 2006
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