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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: flyboy who wrote (54050)1/4/2001 5:16:39 PM
From: Mike M2  Read Replies (2) of 436258
 
Flyboy, mwhodges.home.att.net a summary of the hedonic hoax. The hedonic deflator used in computing chain weigthed GDP was implemented in 1996 in an attempt to measure the increased computing power at reduced prices. Historicly, GDP attempted to measure the revenue and income flows in the economy in nominal dollars or real if you want to back out the effects in inflation. The trouble with using the hedonic deflator is that it creates a measure of growth that results in NO REVENUE NOR INCOME for ANYONE . It is economic nonsense used to justify the biggest credit bubble in history. Let me emphasize that MSFT, DELL CSCO et. al report their numbers in nominal dollars not chain-weighted dollars. Look at the table in the link provided to see how big the impact is. Since GDP is overstated - productivity is overstated as well. Mike
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