Re: The Aggregate Supply Function

["Alan G. Isaac" <aisaac@xxxxxxxxxxxx>]

On Fri, 31 Aug 2001, Gunnar Tómasson wrote:
> And what constitutes "normal times"?
> For econometricians, "times" are "normal" when projection of past trends
> happens to hit close to future trends.
> And when it does not, the "times" are "abnormal".

And they are *normal* because that is what *usually* happens; enough
to be useful.  It is amazing that your foundationalist leanings
obscure this obvious fact from you, when you are forced to rely on it
pragmatically all the time just in living your life.  The commitment
to perceiving others (in your case, economists) as radically misguided
and stupid is preventing you from seeing the obvious: they are
behaving like everyone else, including you, in dealing with the world
they encounter.  When you drive, you make countless pragmatic
judgments that are without foundation but which are useful in getting
you from place to place.  Of course, sometimes there are terrible
accidents.  Sensible people try to avoid these by improving their
judgments, using the available tools.

Alan Isaac