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Nobel Prize-Winning Economist Milton Friedman Dies at Age 94

Nobel Prize-winning economist Milton Friedman died Thursday at age 94. He was an expert on the free market and, as one of the nations most prominent economic thinkers, served as an advisor to several Presidents.

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  • RAY SUAREZ:

    Finally tonight, remembering influential economist Milton Friedman. Jeffrey Brown has our look.

  • JEFFREY BROWN:

    Milton Friedman, who died today at age 94, was a lifelong champion of free markets, an adviser to presidents, and for decades one of the nation's most prominent economic thinkers. He made numerous appearances on the NewsHour, speaking on such things as inflation and job growth. Here's a small sampling.

  • MILTON FRIEDMAN, Nobel Prize-Winning Economist:

    So far, as 1985 is concerned, that depends a little bit on what happens to the money supply from here on out. If it continues to go up at a fairly rapid rate, then I think we are likely to be back in double-digit inflation in 1985.

  • JIM LEHRER:

    That's a tough prediction.

  • MILTON FRIEDMAN:

    I know it is. I don't like it. Inflation has been a terrible scourge on this country. Few things have done us more harm, and yet you have to look the facts in the face.

  • ROBERT MACNIEL, Former NewsHour Host:

    Milton Friedman, do any of the candidates have a plan for job growth that gives you confidence?

  • MILTON FRIEDMAN:

    No, they don't. The fact is that governments don't create jobs, and the most they do is shift jobs. There's a lot of talk about how infrastructure programs will create jobs. But the fact of the matter is that the money spent on that is taken from somewhere else and jobs are destroyed elsewhere.