Investment, Summers-DeLong, and the Old Paradigm

[Max Sawicky]

> The Summers-Delong paper does argue that investment is key to growth,
> although growth may spur investment in a reverse causality.  Their data is
> historical.  Today's investment,as Doug says, is very different.

If memory serves,
Jane Gravelle, of whom I think a lot, says if
you jiggle their data a little the results
fall apart,e.g., that they rest on a few itty-
bitty third world countries. (forgot which
ones)

MBS