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Politics : Ask Michael Burke

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To: yard_man who wrote (38830)	12/9/1998 7:30:00 PM
From: Michael Bakunin	Read Replies (2) of 132070

I don't think he's nuts. He just disagrees with you. I believe his phrase "capacity" refers to the economy's capacity, not to any individual project's. I have some sympathy with this view: most macroeconomics is needless fluff, since, in the end, macro is about people doing work. Everything else is plumbing. However, even in this sympathetic light, I agree that he's oversimplifying. Take people doing work; now insert drought. Watch production fall as people starve. Cash problem? I think not. Nevertheless, I like the basic technique of getting a whole lot of distance; I think it's served him well in the past. After all, for all Krugman's faults, he 'called' Asia in 1994: web.mit.edu Maybe he's not entirely full of it, eh? mb

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