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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: flatsville who wrote (59237)1/18/2001 3:41:07 PM
From: Mike M2   of 436258
 
Flats, I will quote Dr. Richebacher in another attempt to expose the hedonic hoax. Let me start by saying nobody denies that there have been stunning advances in technology- or that the quality of life has improved what is under debate is the economic relevance of hedonics. Dr. Richebacher notes " It's really a marvelous statistical technique that delivers everything markets like to see- higher real GDP growth, higher productivity growth- except one thing: falling product prices don't generate income growth. it's an entirely new phenomenon: productivity growth without correlated income growth.... Taking our usual careful look at US GDP numbers in " chain" dollars we conclude instead that about two-thirds of the apparently superior economic growth performance over the last four to five years has been pure statistical fiction and one third cyclical. This ,by the way, is roughly the result of new econometric investigations by Professor robert Gordon of Northwestern University, a noted authority on productivity. from The July Richebacher Letter 1217 St. Paul St. Baltimore, MD 21202 let me add my own comment- it is easy to check this the Commerce dept. gives numbers for real GDP and " Chained GDP" - the difference is the magic of hedonics . let me further emphatically stress that technology companies report their financial results in nominal dollars not chained dollars. more in another note Mike
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