From: Howard Engelskirchen (howarde@TWCNY.RR.COM)
Date: Tue Oct 12 2004 - 22:09:42 EDT
Is this the ideologie du jour? I've run similar arguments a couple of times recently -- secure rights to property and contract account for astounding development in places which have otherwise stagnated (rural china); lack of such institutions account for the failure of the failed states of the third world. howard ----- Original Message ----- From: "Allin Cottrell" <cottrell@WFU.EDU> To: <OPE-L@SUS.CSUCHICO.EDU> Sent: Monday, October 11, 2004 7:58 PM Subject: Re: [OPE-L] Nobel Science > On Mon, 11 Oct 2004, Stephen Cullenberg quoted Ed Prescott: > > > "In the Great Depression, employment was not low because > > investment was low. Employment and investment were low because > > labor market institutions and industrial policies changed in a way > > that lowered normal employment." > > This is obviously nonsense, but does Prescott produce any argument > to this effect? Or is it pure assertion? > > Allin Cottrell
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