[PEN-L:6699] not a disagreement at all

[JDevine@xxxxxxxxxxxxxxx]

I had written: > Michael is right that technical change continued
during the Great Depression. But during most of that period, the
new technologies were not implemented unless they involved very
small amounts of investment (or involved replacing capital
equipment that needed to be replaced anyway)<

Michael responds>> I do not agree with Jim here. While net
investment was non-existant during the depression, gross
investment did continue. Indeed, by the end of the depression,
the capital stock was relatively new, in part because of the
scrapping of old plant and equipment, but also because of
the purchase of new stuff.<<

there is no disagreement at all here. In the parentheses, I
mentioned replacement investment as the exception.

now can we get back to the discussion of gas? or of McDonald's?
or of how McDonald's gives one gas? or of how Dole & Clinton give
one gas?

in pen-l solidarity,

Jim Devine   jdevine@xxxxxxxxxxxxxxx
<74267,2057@xxxxxxxxxxxxxx>
Econ. Dept., Loyola Marymount Univ.
7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA
310/338-2948 (daytime, during workweek); FAX: 310/338-1950
"It takes a busload of faith to get by." -- Lou Reed.