On May 12, 2008, at 4:54 PM, raghu wrote:
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.
and farm prices were depressed and falling
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to
be called Zeus."
Herakleitos of Ephesos
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