I agree, but then the arbitrage remains, even if weakened. That was my initial point.
On Sat, Oct 29, 2005 at 03:34:50PM -0700, Jim Devine wrote: > On 10/29/05, Michael Perelman <[EMAIL PROTECTED]> wrote: > > Yes, I call this the US's Haitian Road to Development in The Pathology of > > the US Economy, > > but I am not sure that the wages will equalize soon, even in a temporary > > equilibrium. > > it's the (downward) direction that counts, not the actual equalization. > -- > Jim Devine > "Segui il tuo corso, e lascia dir le genti." (Go your own way and let > people talk.) -- Karl, paraphrasing Dante. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
