2006: Economist Milton Friedman, who received the Nobel Memorial Prize in Economic Sciences in 1976, dies of heart failure at the age of 94 in San Francisco, California. Friedman, who taught at the University of Chicago for three decades and was an economic adviser to U.S. President Ronald Reagan, wrote such popular books as "Capitalism and Freedom" and "Free to Choose." His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s.