On Mon, May 12, 2008 at 8:29 AM, Jim Devine <[EMAIL PROTECTED]> wrote:
> The implicit point of view is that if the value of money is dependable > then leaving saving to the private investors and investment to > business will work well. The magnitude of the Great Depression of the > 1930s would destroy Keynes's faith in the proposition that stable > internal prices implied a well-functioning macroeconomy and small > business cycles. [perhaps because US prices were stable before 1929? > -- JD] US prices were NOT stable before 1929 - unless you exclude asset prices. But why should asset prices be excluded from inflation calculations (if inflation is to be considered as a metric of a "stable measuring rod")? It seems to be this is as important a subject today as it was in Keynes' day. -raghu.
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