If hand-waving were an Olympic sport, economists could be dominant. On Thu, Jun 7, 2012 at 5:56 PM, Jim Devine <[email protected]> wrote: > yeah, I know. But there have been some efforts. For example, Baumol > once said that "normal" profits were set by the interest rate, since > the alternative to being engaged in real production was to buy bonds. > The problem, of course, is that there's no NC reason -- except > hand-waving -- for the real interest rate to be positive. >
-- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
