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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: nihil who wrote (57813)	10/7/1999 10:14:00 PM
From: Dayuhan	Read Replies (1) \| Respond to of 108807

One thing I hope economists have learned is that a model which works in one economy will not necessarily work in another. Some of the technicians that were here with the multilateral agencies at that time were really scary people. There were serious complications in the economy: basic commodity prices had been subsidized for years under Marcos. When Aquino came in, the IMF et. al. insisted that all subidies be immediately halted. Prices, which devaluation had already pushed to record levels, went through the roof. The subsequent "inflation" was "cured" by pushing interest rates up to as much as 35-40%, crunching the economy and throwing thousands out of work. I don't think many of the economists looked away from their monitors for long enough to notice what was going on. One wonders if they could be sued for malpractice.

To: nihil who wrote (57813)	10/7/1999 10:28:00 PM
From: coug	Read Replies (1) \| Respond to of 108807

Yes Nihil, You are absolutely right, re:<<Yes, fiscal and monetary soundness are almost impossible to achieve>> How the hell can certain people, ie: economists purport to predict and control an uncertain dynamic process such as economics is beyond me.. When the whole process is dependent upon events beyond their control and thier predictive abilities.. from things as simple as weather to political events.. It is like most things in our life experiences, you try to learn when the change is about to happen and try to adopt as quickly as possible..quickness of course can only happen on on an individual basis... to turn the the masses around is another story and that is why we have broad business cycles such as demostrated by the Kondrief curve,etc.. coug