Re: Super-Bear-

[pdavidso <pdavidso@xxxxxxx>]

>===== Original Message From Glenn Hautly <ghautly@xxxxxxxxxxx> =====
>
>An inflation policy made it possible for the largest borrowers namely
>Federal, State, and local governments, to pay off debt with cheaper money.
>One dollar in the 1930s is now worth less than 5c cents. In 1935 the price
>of a new automobile was $400 the medium priced house was $6000.

And the legal  minimum wage was $0.25 per hour.

Declining prices, especially the more closed the economy, often represent
declining nomial factor incomes.

Paul Davidson
Editor, Journal of Post Keynesian Economics
University of Tennessee
SMC 503
Knoxville, Tennessee 37996-0550
phone # (561)369-1951; fax #(561)369-1951;
email pdavidson@xxxxxxx
http://econ.bus.utk.edu/davidsonextra/Davidson.html