My answer is yes, too, but the article "shows" otherwise. Surprised?
Boy, you can do anything you like with econometrics. Give me the data and tell me what you want me to show, I will show that. Best, Sabri ---------------- I share your incredulity ``Historical evidence from several major credit booms finds scant support for the inequality/crisis hypothesis.'' I guess they don't count the other five thousand years organized urban life and its dependence on agricultural wealth went through endless and repetitive cycles of wealth accumulations, producing enormous inequalities, and then followed by rebellions. The basic storyline is the peasants get pissed at austerity in the countryside and march to town, join the urban poor and continue on to the palace to settle accounts. Doesn't a degree in neoconism have a history requirement anymore? Pick your pleasure in ancient Egypt, Greece, Rome, Middle Ages, Renaissance, Enlightenment, French Revolution, and well into the contemporary era, or watch AJE. Mike Perelman summed it up as inequality results in instability. I would add instability can take many forms. Capitalism has incorporated these cycles as its mode of operation. This econometric nonsense is propaganda for the power elite. It says, you can squeeze the life blood (wealth) out of a country and its people and nothing will happen to you. This elite pretention has been so often overthrown, grown up again and overthrown again it forms a periodic force in history. Well, one of several. Isn't this Marxism 101? See Harvey: http://www.youtube.com/watch?v=26o22Y33h9s&feature=related CG _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
