tag:blogger.com,1999:blog-648884752216444797.post7944361438642609859..comments2024-03-28T09:59:13.754-07:00Comments on bionic mosquito: The Junk Science of Modern Macro-Economicsbionic mosquitohttp://www.blogger.com/profile/12002548958078731031noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-648884752216444797.post-31839348594107343572014-07-23T13:34:18.873-07:002014-07-23T13:34:18.873-07:00I kept reading "Maudlin..."
Technocracy...I kept reading "Maudlin..."<br /><br />Technocracy needs justification and plenty of people believe the technocrats when they say GDP is important; then, they believe the technocrats when GDP needs to be redefined to reach a (predetermined) different conclusion.<br /><br />What DJF says above is quite correct: economic activity is not the same as wealth. Indeed, the Last Psychiatrist often refers to the cognitive dissonance of those people who use frantic activity to cover their lack of meaningful activity. Finally, the master, Mises, would point to the difference between short-run and long-run preferences as a key aspect of information distribution as conveyed by market prices.<br /><br />In short, a bunch of frantic activity from year-to-year intended to push-up the (fictional) information of GDP, tells us very little about the prospects of various economic undertakings. It, in fact, is no different than the objectives of a command and control economy, which seems to be a cui bono for those who wrestle control of the GDP in the short term at the expense of everybody for whom the GDP is supposed to "help" in the long term.<br /><br />In conclusion, politicians gonna politick.alaska3636noreply@blogger.comtag:blogger.com,1999:blog-648884752216444797.post-5536246174149912292014-07-23T05:39:47.187-07:002014-07-23T05:39:47.187-07:00What I have long disliked about GDP is acting as i...What I have long disliked about GDP is acting as if GDP and wealth were the same thing, so they say that GDP went up so wealth went up.<br /><br />GDP at best is a measure of economic activity, but just because there is economic activity does not mean that it produced wealth. Solyndra Solar had at least $500 million in economic activity but it produced no wealth. Though some people did make money off of it.<br />DJFnoreply@blogger.comtag:blogger.com,1999:blog-648884752216444797.post-38392050819495828242014-07-22T16:49:07.241-07:002014-07-22T16:49:07.241-07:00:-) I forgot that one! :-) I forgot that one! bionic mosquitohttps://www.blogger.com/profile/12002548958078731031noreply@blogger.comtag:blogger.com,1999:blog-648884752216444797.post-61423630765241100482014-07-22T15:19:23.509-07:002014-07-22T15:19:23.509-07:00Great article. Yes, Mauldin plays the corners and...Great article. Yes, Mauldin plays the corners and tries not to step over the line. Please do not forget to include the word "Quackery" in your next article on Macro-economics. gpondhttps://www.blogger.com/profile/01013837189187920036noreply@blogger.com