Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: KyrosL who wrote (5000)	6/15/2001 11:20:00 PM
From: LLCF	Read Replies (3) of 74559

We all know everything is better... and so theoretically our quality of life is getting better and better or the same average wage [say for example] at least in a materialistic sense. But if productivity is so great with a new computer it will show up in that persons ouput... period. <Only a few years ago an AIDS patient was condemned to a quick painful death. Today he can live a relatively long productive life thanks to drug cocktails that were introduced in the last few years. How much is this worth?> Great example... so let's say "quality of life" is up 100% per year using any method you wish... so Greenspan should be able to have 96% inflation using the old method and claim 4%?? Again... we're looking at the economy for this, so economics is the base. In economics productivity is output per worker... all these wonderful things should boost output and would already show up in the numbers... why do we need some government "adjuster"? Makes no sense to me. IMO health care is the "holy grail" of hedonics... you could argue ANY gain in quality you wanted because your dealing with LIFE. Interestingly, this is also the perfect way to show it's flaws... healthcare spending will just continue to increase [in real dollars spent] but quality adjustments costs would plummet. Soooooooo, folks that use most healthcare [elderly] see COLA payments stagnate cause healthcare is so damn cheap [yea right] while their actually dollar outlays soar. So what, they're getting better healthcare?? Well, in reality the government will pay up... imagine the 60 minutes program with all the elderly. Anyway... you've seen all the arguments before, and so have I, lots of disagreement on this one. DAK

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