cyberhype

Max Sawicky sawicky at epinet.org
Fri Feb 19 11:19:40 PST 1999



> Advocates of this traditional approach do so because, they say,
they wish to studiously avoid double counting... "Further, the net method (GNP) greatly exaggerates the role of consumption in the economy, giving the deceptive impression that most of the natinal output is in consumption goods rather than investment. Such thinking encourages economists and govt officials to for the misleading idea that consumer spending, being hte largest section of the economy, must be stimulated in order to get the economy out a slump." Mark Skousen, The Structure of Production, p. 190
>
> Didn't think a Hayekian had anything but the perniciousness of
> underconsumptionism in mind, did you?

By this logic, if firm A produces a computer and sells it to company B for $1 million, and company B attaches a coffee cup holder and sells it to company C for $1,000,001.50, total output is $2 million plus a buck-fifty.

Moral of the story: any fool can publish a book.

mbs



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