Re: Re: Re: Re: RE: On error

[Doug Henwood]

Eugene Coyle wrote:

>Hey, if biased econometric techniques resulted in name calling, there would be
>a long list of names.  Dale Jorgenson comes to mind.

Oh really? Do tell more. I'm reading his new paper on the New 
Economy; he's become a convert. He rejects Robert Gordon's cyclical 
detrending of the productivity stats, which boosts the new economy 
argument significantly. Since productivity is procyclical, this is no 
small matter. He (and his co-author Kevin Stiroh of the NY Fed) also 
argue that labor quality has deteriorated as the unemployment rate 
has declined, which makes the capital contribution that much stronger.

Doug