growth: De Long view

Doug Henwood dhenwood at panix.com
Wed Sep 8 14:40:51 PDT 1999


Brad De Long wrote:


>Note that that is an arithmetic average, not a geometric average...

Brad, you mention the Nordhaus critique. But really. What does it mean that world product was $35 billion in 1700? People lived on pork fat and alcohol and lived on farms. There's no meaningful sense in which a 1999 dollar can be expressed as a 1700 dollar, and vice versa. What were you trying to do with this?

Doug



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