NEW YORK (CNNMoney.com) -- Milton Friedman, the Nobel-prize winning economist who helped shape and define free-market economic theory, died Thursday at the age of 94 in San Francisco.
A spokesman for the Milton & Rose Friedman Foundation confirmed the news to CNN.
Friedman, who won the Nobel prize in 1976, helped interpret and popularize modern free-market economics that came to dominate much of U.S. public policy in second half of the 20th century.
Free-market economic theories, which included tight fiscal discipline and deregulation of markets, grew influential in the United States after Ronald Reagan became president in the United States.
Friedman was regarded as the leader of the Chicago School of monetary economics and the leading proponent of free-market theory.
The Chicago School regarded the quantity of money as an instrument of government policy, capable of influencing inflation and business cycles, according to his biography at the Hoover Institution where Friedman served as a research fellow.
Overseas, Friedman's work helped shape policies used in Chile and Argentina in the 1970s.
Friedman received his BA from Rutgers University in 1932, an MA from the University of Chicago the next year. In 1946 he received his Ph.D. from Columbia University.