What Doug calls vaporware, Marx alluded to with his term, fictitious
capital. I have long been convinced that fictitious capital is an
important force driving the economy.
But then I may be wrong. After all, I have repeated that I expect to see
a recession, but Paul O'Neil said today that the bad times are already
over. It may be that the rational expectations of the tax cut have
succeeded in eliminating the downturn.
On Tue, May 22, 2001 at 08:41:26AM -0700, Jim Devine wrote:
> At 11:15 AM 5/22/01 -0400, you wrote:
> >Max Sawicky wrote:
> >
> >>Income is consumption plus the change in net worth.
> >>Obviously NIPA does it differently.
>
> Doug writes:
> >To persons, yes. But economy-wide, if there's no production to offset it,
> >it's just vaporware.
>
> also, note that it's _change in_ net worth that contributes to income, not
> the _level_ of net worth that does so.
>
> Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
>
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
