Ajit writes: >Simon Mohun wrote: > >> There are lots of empirical problems, and one needs a feel for plausible >> orders of magnitude. But ex post it's certainly possible to calculate time >> series of the value of money and its inverse. One might not have a theory >> of determination, but at least rough accounting measures are possible (ven >> if they still need more work!) > >____________________ > >So what is your point Simon? I could determine a variable say k, which is a >ratio of the mass of moon to the mass of earth. But what is the >point of it, is >my question. Cheers, ajit sinha > The point of it is that these changes are what we have to explain. Duncan -- Duncan K. Foley Leo Model Professor Department of Economics Graduate Faculty New School University 65 Fifth Avenue New York, NY 10003 (212)-229-5906 messages: (212)-229-5717 fax: (212)-229-5724 e-mail: foleyd@cepa.newschool.edu alternate: foleyd@newschool.edu webpage: http://cepa.newschool.edu/~foleyd
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