Jason Hecht asked,
>Has anyone noticed the proliferation of "offical pronouncements" of the end
>of the business cycle? DRI and WEFA have both noted that the "steady growth"
>of the 1980s and 1990s reflects a new "golden era" of the 3-3-3 rule: 3%
>inflation, 3% growth, 3pm golf tee-off!
>
I hadn't noticed, but I guess this means we've entered the famous era of
compound interest, where capital reproduces itself directly through the laws
of geometrical progression (see W.W.Rostow, _Stages of Economic Growth_ or
R. Price _Observations on Reversionary Payments, etc._, [1772] "A shilling
put out to 6% compound interest at our Saviour's birth would have increased
to a greater sum than the whole solar system could hold, supposing it a
sphere equal in diameter to the diameter of Saturn's orbit.").
Sell.
Regards,
Tom Walker
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