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Politics : Ask Michael Burke

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To: Mike M2 who wrote (89104)	2/1/2001 3:14:21 PM
From: Mark Adams	of 132070

I am aware of the hedonics and chain weighted issues. I also read Gene Epstiens counter arguments, which I will do injustice to and sumarise as 'hedonics amount to an insignificant percentage of total gdp growth'. Most of the stats can't be counted on due to failure to keep pace with changing economics and advances in financial engineering. So it's hard to accept a case built on one or more stat. My favorite example are individuals harping on the failures of GDP and CPI to measure accurately, while believing M1-M3 & the Trade Deficit are sancrosanct. I think that the combination of Yen/Gold carry trade, Forgein Affilitate Income (moving beans around to manage national and international tax burdens) and derivitives have all clouded the existing indicators, making them poor measures by any means. There are probably other changes I've not included, but these are the ones that come to mind most frequently. Greenspan was telling the truth when he said it's hard to define money in today's world, and you can't manage something you can't measure much less define. People love to beat on Greenspan. It's fortunate that he can take the heat. Just taking the opposing view, since I see it so rarely. <g>

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