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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (78611)	3/26/2000 11:17:00 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Mike, they had to give them more time. Accountants at tech firms have never had to do an honest P&L statement before. They have to use that time at night school. <g>

To: Mike M2 who wrote (78611)	3/26/2000 8:39:00 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 132070

Mike - newaus.com.au "...Critics point out that for 1999 the CPI was only 2.2 per cent (enough to literally halve the value of saving by 2030) thus demonstrating that "inflation remains a figment of Greenspan?s imagination." The beast that tamed the tiger of inflation, so we are told, is rising productivity, courtesy of new cost-cutting technologies. This approach overlooks the important fact that in the absence of inflation increasing productivity would cause prices to fall and real incomes to rise, possibly even faster than money incomes. To use a rather crude example: if inflation is 2.2 per cent and productivity is increasing by 5 per cent then inflation is 7 per cent. Why? Because without inflation prices would have fallen by 5 per cent instead of rising by 2.2 per cent. Most economists fail to see this because they always confuse inflation and deflation with general prices changes. Using a more sophisticated approach, the Austrian school distinguishes between price changes caused by changes in monetary policy and those caused by changes in the supply of goods and services...." Regards, Don