Milton Friedman RIP
 

"DSK" wrote in message
...

This thread got side tracked somehow. What I started out to say, for 1
ASA/economist point, can anybody answer what economic theory did Friedman
produce? 2 points if you can explain it.


Do I get three points?

Milton Friedman RIP
 

This thread got side tracked somehow. What I started out to say, for 1
ASA/economist point, can anybody answer what economic theory did Friedman
produce? 2 points if you can explain it.


Gilligan wrote:
Do I get three points?


You didn't explain it!

Anyway, my license to award points has just been revoked.

DSK

Milton Friedman RIP
 

"DSK" wrote in message
...
This thread got side tracked somehow. What I started out to say, for 1
ASA/economist point, can anybody answer what economic theory did
Friedman produce? 2 points if you can explain it.


Gilligan wrote:
Do I get three points?

You didn't explain it!

Anyway, my license to award points has just been revoked.

DSK


I was robbed!

Milton Friedman RIP
 

Gilligan wrote:
I was robbed!


Sorry you feel that way. Maybe Bart will award you some
points out of pity.

But you still didn't explain the concept of velocity with
regard to the money supply.

Here's another chance... what's the difference between
"velocity" as a quantifier and any delta in aggregate demand?

DSK

Milton Friedman RIP
 

"DSK" wrote in message
...
Gilligan wrote:
I was robbed!

Sorry you feel that way. Maybe Bart will award you some points out of
pity.

But you still didn't explain the concept of velocity with regard to the
money supply.

Here's another chance... what's the difference between "velocity" as a
quantifier and any delta in aggregate demand?


Velocity is how many times a dollar is turned over in a given period of
time.

If aggregate demand is the average price times the total number of goods
purchased then they are equal if the aggregate demand is multiplied by the
inverse of the total amount of money in circulation.

Milton Friedman RIP
 

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.

--
jlrogers±³©
"Gilligan" wrote in message
. ..

"DSK" wrote in message
...
This thread got side tracked somehow. What I started out to say, for 1
ASA/economist point, can anybody answer what economic theory did
Friedman produce? 2 points if you can explain it.


Gilligan wrote:
Do I get three points?

You didn't explain it!

Anyway, my license to award points has just been revoked.

DSK


I was robbed!

Milton Friedman RIP
 

I can see why s/he got an A... great answer!

Where did you go to school?

--
"j" ganz @@
www.sailnow.com

"jlrogers±³©" wrote in message
. net...
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.

--
jlrogers±³©
"Gilligan" wrote in message
. ..

"DSK" wrote in message
...
This thread got side tracked somehow. What I started out to say, for
1 ASA/economist point, can anybody answer what economic theory did
Friedman produce? 2 points if you can explain it.


Gilligan wrote:
Do I get three points?

You didn't explain it!

Anyway, my license to award points has just been revoked.

DSK


I was robbed!

Milton Friedman RIP
 

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

Milton Friedman RIP
 

Keynes would be: Government should stay out of it.

--
"j" ganz @@
www.sailnow.com

"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

Milton Friedman RIP
 

Capt. JG wrote:
Keynes would be: Government should stay out of it.


Well, Keynes' books are the world's most certain cure for
insomnia, so I can't say for sure... but I've always
understood Keynes' main contribution to be the theory that
the gov't is not like an ordinary business and should not
have the same debt constraints. He is the one (or one of the
group) that convinced FDR to borrow tremendous amounts of
money for the U.S. gov't to try & spend it's way out of the
Depression.

On the more serious side, Keynes is the economist who used
actual real math (calculus even) and showed the numbers to
means something in the real world. Previous economists were
always rather vague ("did I say 3 hundred, oops I meant 3
million") and were quite content if their "equations" even
got positive & negative deltas on the right side.

People often pit Keynes and Galbraith against Friedman, with
some political motive (and later in his career, he played
right into this himself, sadly), but actually the three
don't contradict each other in absolute terms.

DSK