Memory, or rather, the lack thereof strikes again. It was Keynes, not
Galbraith. I called Ed DeSpain, who wrote the answer. Here is his actual
answer:

Friedman: money matters, save it.
Keynes: money doesn't matter, spend it
Patinkin: Neither of those guys matter, only wealth matters.

I went to Southern Methodist.


--
jlrogers±³©
"DSK" wrote in message
...
jlrogers±³© wrote:

When I was in graduate school in Economics in 1971 we had to take an 8
hour qualifying exam. The last question was: Compare and contrast the
monetary models of Friedman, Galbraith, and Patinkin. We had 1 hour to
answer the question.

After a moment to reflect, all us were writing. Five minutes into the
session, one student got up, turned in his paper and walked out, Loser,
we thought. Fifty-five minutes later we were still scribbling furiously
when the gong sounded. The only "A"? You guessed it, the alleged Loser.
His answer?

Friedman: money matters
Galbraith: money doesn't matter
Patinkin: Neither of those guys matter, only wealth matters.


Maybe you meant Keynes, not Galbraith?

DSK