Reply to Ted and Brad

Doug Henwood dhenwood at panix.com
Tue Jul 3 10:42:39 PDT 2001


Brad DeLong wrote:


>I'm not sure I buy this argument completely. But it is a powerful
>one. Pursuit of profit creates an extremely strong incentive to
>display images that magnify people's beliefs about their material
>"needs," and they then warp their lives to achieve them. As if an
>invisible hand is dealing to the world from a deck full of jokers...

Brad, what do your fellow economists say when you go on like this? And how do you reconcile this with the conventional assumption that needs are exogenous?

Doug



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