Rosser Jr, John Barkley wrote:
>Post Keynesians have a harder time
>explaining "why things have gone right" (probably Michael
>P. should introduce this thread over on pkt, just for
>kicks, :-)).
I've tried that twice now, and the closest approximation of a credible
answer I've gotten was Paul Davidson's - that it's exports. To the retort
that imports have grown more rapidly than exports, Davidson rightly points
out that it doesn't necessarily matter: if exports stimulate income growth,
and income growth increases import demand, then of course M will grow along
with X. This is a point that worries me about EPI's trade work; do they
take this into account?
By the way, does anyone know anything about the relative profitability of
exports vs. imports?
Doug
