What does the new gdp report imply for structural explanations of our current troubles?: I find the most plausible structural interpretations of the recent downturn to be based in the “we thought we were wealthier than we were” mechanism, leading to excess enthusiasm, excess leverage, and an eventual series of painful contractions, both AS and AD-driven, to correct the previous mistakes...
Back to the game if Whodunnit in the crash of 2008.
In the game of mis-information we can go from general to specific, The GDP line went down when we all though it was going up! The real answer is that mass marketing is changing because of info tech. Distribution via the on line an distribution via the shopping mall are parting company, the later losing to the former.
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