Re: Nobel Science

From: Allin Cottrell (
Date: Mon Oct 11 2004 - 19:58:29 EDT

On Mon, 11 Oct 2004, Stephen Cullenberg quoted Ed Prescott:

> "In the Great Depression, employment was not low because
> investment was low. Employment and investment were low because
> labor market institutions and industrial policies changed in a way
> that lowered normal employment."

This is obviously nonsense, but does Prescott produce any argument
to this effect?  Or is it pure assertion?

Allin Cottrell

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