Nobel Prize winner Milton Friedman, one of the 20th century's most influential economists, died Thursday of heart failure at the age of 94.

Friedman was an empiricist, whose theories emerged from his study of the evidence, not the other way around. He also was a champion of the free market and small government. In the early 1960s, he proposed ideas such as school vouchers and a flat national tax -- ideas that have a lot of traction today.

Friedman was also incredibly influential as an adviser to governments around the world -- as well as the Nixon, Ford and Reagan administrations. He won the Nobel Prize in 1976 for his theories.

Host Alex Chadwick talks to Marketplace's Amy Scott about Friedman's contributions and impact in the world of economics.

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