Re: Nobel Science

From: Howard Engelskirchen (howarde@TWCNY.RR.COM)
Date: Tue Oct 12 2004 - 22:09:42 EDT

Is this the ideologie du jour?  I've run similar arguments a couple of times
recently -- secure rights to property and contract account for astounding
development in places which have otherwise stagnated (rural china); lack of
such institutions account for the failure of the failed states of the third


----- Original Message -----
From: "Allin Cottrell" <cottrell@WFU.EDU>
Sent: Monday, October 11, 2004 7:58 PM
Subject: Re: [OPE-L] Nobel Science

> 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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