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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (17974)9/13/2000 12:32:35 PM
From: Mike M2   of 436258
 
Patron, I may not recall the figures correctly but I saw a documentary of Ford's Model T the time required to build a T went from 13 hours to 1.5 and yet the price dropped from $ 800 to under$300. Hedonic pricing corrupts the data so a vaild comparison over time or between nations is impossible. In his Sept 2000 letter, Dr. Richebacher also says " According to the measurement practiced in the German GDP statistics, computer prices have fallen by 20% altogther since 1991 . By the measurement practiced in the United States, they have fallen 26% a year fro the past five years. Official statistics for the United States show an average annual increase in business expenditures on computer equipment per year by 40% since 1991 as against only 6% in Germany. Using, the American deflator, however, the average annaul increase would have been 27.5% for the whole period. As the divergence in the deflators is rapidly compounding over time, the divergence in measure output follows suit.Numbers get more and more absurd. Just think of what we mentioned earlier: fixed nonresidential investment, of which 75% is 'hedonised' new high tech, have accounted for 55% of U.S. real GDP growth in the first half of 2000. In other words, the hedonic deflator has come to represent the most powerful factor behind the seemingly miraculous growth of U.S. GDP and productivity. " The Richebacher Letter 1217 St. Paul St Baltimore, MD 21202 Note: Reproduction in part PERMITTED if source and address are stated. mike
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