Milton Friedman, the free market economist who inspired Margaret Thatcher's economic reforms of the 1980s, died yesterday aged 94.
His theory that inflation resulted from too much money chasing too few goods inspired a generation of central bankers and played a pivotal role in forming the governing philosophies of Lady Thatcher and President Ronald Reagan in the US.
Lady Thatcher said last night: "Milton Friedman revived the economics of liberty when it had been all but forgotten. He was an intellectual freedom fighter. Never was there a less dismal practitioner of a dismal science...
He served as an adviser to the Thatcher government from 1979 to 1990 as it developed a free-market economy, low taxation, and the sale of state-owned industries.
Mr Friedman believed that tax-funded government spending was appropriate only to the most limited set of "public goods", such as national defence.
We need his like still, he probably did for the welfare of man than the whole sorry bunch of politicians we have now strung together.