Re: Incomes and Exchange rates

["John B. O'Donnell" <jackodonnell@xxxxxxxx>]

Bruce R. McFarling wrote:
>
> On Sat, 13 Sep 1997 22:30:31 -0700, "John B. O'Donnell"
> <jackodonnell@xxxxxxxx> wrote:
>
> >Uncontroled (free) variables are somewhat likely to not be
> >controled.  Want to try saying whst you mean. [Preferably
> >without starting a flame war. ;-)]
>
>         If you mean why not try to say what I mean in *your
> terms*, why not trying to *say* what you mean, *IN MY TERMS*
> ... Oops, don't want to go down that road ...
>
>         Howsabout, isn't is possible that you are assuming that
> the listed system controls are a complete list of system controls,
> while a self-maintaining system has a system of internal controls
> that we do not list?  That is, the distinction between mechanical
> and living systems -- to pick out a specific class of non-mechanical
> systems -- includes the nature of internal system controls and
> goals.

I don't think so. However, if you have caught me on my own petard, I'd
like to hear specifics so it can be corrected.

I tend to be indifferent to sympathetic auto responses and usually could
care less if a control does or does not do what I believe it should do.
If the outcome of using a control attains the results one wants, fine
and dandy. Its just that when use of the control fails, I'm likely to
re-examine the assumptions that went into the control selection and not
belabor retention of a belief in a control based on what may well have
been just happenstance.

Also, I tend to reject out of hand propositions that are tautologically
impossible. This is the class in which I place Leigh's assertion that
one currency can hold two different values at the same time.

Some economics examples of long held beliefs that have gone astray --

 1) The Phillips curve is so obviously discombobulated that it should
long ago have been admitted that inflation is not a necessary nor even
desirable precondition to high employment. But it is still listed as
gospel by many.

 2) The occurrence of "stagflation" should have pretty well debunked any
claims that an easy monetary policy can cause useful economic activity,
but belief in the effectiveness of monetary policy to cause beneficial
economic activity is another case of gospel to many.

			-- jbod
___________________________________________________
Come visit and see a new economic perspective --
       http://www.geocities.com/CapitolHill/1067
           Comments/arguments welcome.
..