P.S.

["Charles Brown" <CharlesB@xxxxxxxxxxxxxxxxxxxxx>]

P.S.
by Forstater, Mathew
12 May 2002 22:38 UTC  < < <


One of the best on real and nominal interest rates was the late great
George Brockway.  See his latest edition of THE END OF ECONOMIC MAN,
Norton.  For a brief summary and commentary (and tribute to George) see
http://www.cfeps.org/pubs/pn/pn0203/pn0203.html



Two years ago he wrote that even the Goldilocks expansion aimed too low, arguing "The economy certainly can grow at an annual rate of 10% or 12%. It grew at a rate of 13.5% for three years during the good war." He went on to add that it is easier to grow fast now than it had been during WWII because half of the wartime output "was just blown away, and about a quarter of the wartime workforce was employed in blowing things a way, while another half was employed in manufacturing things to blow away". He saw the various natural rate and growth speed limit debates as nothing short of embarrassing.

^^^^^^^

CB: Goldilocks ? Is this a pseudnym for Jim Devine ?