Doug writes that >>I understand that the GPI [Genuine Progress Indicator] people didn't include education in their index because they think there's no evidence that spending more money improves results. << I don't think so. Rather than starting with real GDP and subtracting or adding to correct for external costs, etc., the GPI starts with personal consumption spending and then adjusts. Personal consumption spending includes spending on education, though not the government subsidies of education (public schools, etc.) The big-ticket education, the part that's suffered from tuition inflation, is counted. BTW, I thought that Dave's throw-away line that there was no adjustment of education prices for quality changes was a riot. at a medium-ticket university, in pen-l solidarity, Jim Devine [EMAIL PROTECTED] [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ. 7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA 310/338-2948 (daytime, during workweek); FAX: 310/338-1950 "It takes a busload of faith to get by." -- Lou Reed.
