RE: RE: Profit Rates -- From Michael Yates

["Max Sawicky" <sawicky@xxxxxxxxxxxxxxxx>]

I think you missed Doug's sarcasm, or I have missed
his seriousness.

the public sector people are quite well educated.  sometimes
they are given things to do that are impossible to do well.
but they still have to do them.  they are not paid as well as
some in the private sector, but you would be foolish to
take this as a sign of their worth.

mbs

>
> I think what Doug mentioned is important. By the way, it is not
> just the public sector, where those who are in charge of
> producing such statistics are in desparate need of education. A
> similar problem exists also in the private sector, even at
> Investments Banks, where they are willing to pay good salaries
> for well educated people. One way to look at this is that it is
> an adverse selection problem. Of course, there is also a problem
> of moral hazard:  when you have deadlines, the accuracy of your
> "estimates" becomes a very minor concern.
>
> Sabri
>