Re: Edward Prescott, Idiot

From: Igor (jjweatherby_at_houston.rr.com)
Date: 10/28/04 

Date: Thu, 28 Oct 2004 05:52:51 GMT

sinister wrote:

> "Igor" <jjweatherby@houston.rr.com> wrote in message
> news:pvRfd.3090$EI6.1446@fe2.texas.rr.com...
>
>>sinister wrote:
>>
>>
>>>"Robert Vienneau" <rvien@see.sig.com> wrote in message
>>>news:rvien-C00412.05244227102004@news.dreamscape.com...
>>>
>>>
>>>>"It's easy to get over $200,000 in income with two wage earners in a
>>>>household."
>>>> -- Edward Prescott
>>>><http://www.azcentral.com/arizonarepublic/business/articles/1019Prescott1
>>>>9.html>
>>>
>>>
>>>Did you see the thread I started, "Fine work by our new Nobelist"?
>>>
>>
>>I did and it was it obvious you never read the paper you were attacking.
>>You were asking question clearly answered in the paper.
>
>
> Roy showed in his argument with you---in which you were utterly
> destroyed---that the paper is incoherent.
>

It is incoherent to Roy because he thinks resources are only land and
labor. To any trained economist the paper is very coherent. If you
really think Roy made sense then you really seriously are biased against
any mainstream economic theory, like Rob, or you just do not understand
what is being said.

> And why should we take any of your posts seriously, given that you once
> wrote, "There is a limit interest compounds exponentially while GDP grows in
> a linear fashion." ?? (Link at
> http://groups.google.com/groups?q=g:thl1955457383d&dq=&hl=en&lr=&c2coff=1&selm=4xGcd.16172%24Rf4.14720%40fe2.texas.rr.com&rnum=2
> )
>
>

Because this is true. GDP growths are mean reverting meaning they are
close to be constant in the long run. The misunderstanding is that
economist would never do time series analysis without taking logs. That
is why it is trend stationary. I forget sometimes that people do not
know that. The statement is true. I even showed the formulas that back
up the point that there are limits to deficits.

Relevant Pages

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