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

To: Mike M2 who wrote (81681)	6/16/2000 4:40:00 PM
From: Yogizuna	Respond to of 132070

Energy prices down? That's a good one! What will they lie about next? Message 13897036

To: Mike M2 who wrote (81681)	6/18/2000 9:38:00 PM
From: Don Lloyd	Respond to of 132070

Mike - newaus.com.au "Does the concept of an economy make sense? By *Dr Frank Shostak No. 156, 19 June - 1 July 2000 ..." "...At no stage however, does the so-called ?economy? have a life of its own, independent from individuals. The so-called economy is a metaphor, it doesn?t exist. Government statisticians who lump into one statistic information about various economic activities create the ?economy?. This statistic is labelled as the total value of the national output, or GDP. The entire idea that it is possible to ascertain the value of the national output is ridiculous..." "...In the real world there is no such thing as a national output. All wealth is produced by somebody and belongs to somebody. Goods and services are not produced in totality and supervised by one supremo. Every individual is preoccupied with his own production of goods and services..." "...The quarterly releases regarding the ?rate of growth? of the ?economy? would hardly be of interest to anybody if it were not for government responses to GDP. In an attempt to ?navigate? the ?economy? government officials are aiming at influencing the GDP statistic. This statistic is expected to follow the growth path outlined by government omniscient officials. Thus whenever the rate of growth slips to below the outlined growth path, the government is expected to give the ?economy? a suitable push. Conversely whenever the ?economy? is growing too fast government officials are expected to step in to cool off the economy?s rate of growth. While all these policies do absolutely nothing to the so-called ?economy?, as it doesn?t exist, these policies undermine activities of wealth generators thereby lowering people?s living standards. For instance, by acting to make the non-existent entity the ?economy? more efficient government officials are busy destroying a major wealth generator Microsoft. By means of monetary pumping and interest rate manipulations the Federal Reserve doesn?t help to generate more prosperity, but rather sets in motion the menace of the boom-bust cycle and economic impoverishment. It is these government and central bank responses to GDP fluctuations that makes this statistic of such importance. In an economy where government officials pursue policies aimed at a non-existing entity no entrepreneur could be successful whilst ignoring the likely damage of these policies on his activities..." Regards, Don