Re: new thread: PKT and ecology

[Whitalone@xxxxxxx]

In a message dated 3/28/01 8:43:18 PM Central Standard Time,
CANOVA@xxxxxxxxxxxxx writes:

<<  High growth does not necessarily mean full employment.
 And as I've said before, when we measure unemployment in ways that
 completely ignores much of our unemployment, that distorts the discussion.
  >>

hear, hear!!!...surprising to hear of a pkt contributor suggesting that there
is full employment.( I suspect from the quote you give that this quote does
not truly reflect John's true position, at least I hope)  My concern is
under-employement and service related jobs that not only lower the real wage,
but also subject employees to the whims of the marketplace: ie view the
massive layoffs we are experiencing in these service industries and the
subsequent decline in demand. (Checked your tech stocks lately and what they
are doing?) There is much that pkt can investigate in its ivory towers of
academic research and recognition, including the current preoccupation with
predictable computer models in this forum. But it will never address the
problem until it presents a unified academic appraisal of the current
economic system in a way that incorporates uncertainty, not just some "random
walk" whatever that is.  Worrying or trying to compare economics with physics
is just a side-show to the answer.  Perhaps it will provide you with a
journal entry and job security, but who cares. Uncertainty is a given,
however we cope with it as individuals or professionals. I believe this has
been the genius of the GT for years. As a historian, I have yet to find any
convincing evidence that Keynes was wrong on this account.  Perhaps it does
not fit into some systematic computer model, but who the hell cares! The
reality is that no model is perfect. Computer models are only as good as the
information that is programed. Further, it is simply a reflection of
historical reality, but not necessarily of today's reality or future
conditions!

Why not focus on demand policies and its implicationtions for macro policy
and the inherent intrinsic value it presents for the industry level. Forget
the rest. Is this too much to ask?

Scott Simpson
334-479-7564