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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (71364)2/23/2001 11:09:53 PM
From: yard_man  Read Replies (1) of 436258
 
Interested in your comment on an excerpt of this piece:

newaus.com.au

>>Readers are well aware that I’ve been stressing for sometime the important fact that price pressures are first felt in the higher stages of production as is recession. Moreover, I’ve tried to explain how this process eventually leads to prices rising at the consumption end of the production structure and then start rising faster than prices in the higher stages. We might very well be seeing this process emerging.

Given this process we should expect to see retail sales at least pick up, which is certainly what happened in January even as manufacturing continued to contract. When this happens most economists welcome it as “strengthening the economy”, not realising they are witnessing one more symptom of a dying boom.

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Would not the pickup in retail sales be a symptom -- he makes it sound as if it were a cause ...
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