Milton Friedman RIP
 

Actually, I should have said that Keynes said gov't shouldn't stay out of
it. Not sure why my brain stopped working momentarily. :-) He advocated
intervention through monetary policy.

So, to do a one-liner, it would be Keynes: Money matters if the government
uses it.

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

"DSK" wrote in message
...
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

Milton Friedman RIP
 

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

Milton Friedman RIP
 

jlrogers±³© wrote:

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'm not so familiar with Patinkin, but that sounds like a
good answer. How come you didn't get an A yourself?
Economics is easy & fun... it's the original fuzzy math.

I have saved a number of my economics papers, on subjects
like the civic influence of Japanese castles during the
Tokugawa Shogunate, and (more on topic) the influence of
technology on sailing ship design & shipping during the era
of sail power.


I went to Southern Methodist.


Probably the one in Texas, not the one in South Carolina?
FWIW I went to a number of institutions of learning, but the
only one that is forced to claim me is N.C. State.

DSK

Milton Friedman RIP
 

What years? Some of buddies went their for graduate school in the early
70's.

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

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'm not so familiar with Patinkin, but that sounds like a good answer. How
come you didn't get an A yourself? Economics is easy & fun... it's the
original fuzzy math.

I have saved a number of my economics papers, on subjects like the civic
influence of Japanese castles during the Tokugawa Shogunate, and (more on
topic) the influence of technology on sailing ship design & shipping
during the era of sail power.


I went to Southern Methodist.


Probably the one in Texas, not the one in South Carolina?
FWIW I went to a number of institutions of learning, but the only one that
is forced to claim me is N.C. State.

DSK

Milton Friedman RIP
 

jlrogers±³© wrote:

What years?

Around 1990. I was an older student.


Some of buddies went their for graduate school in the early
70's.


Old school. Did they work for NASA?

DSK