Seems like more of a generational dispute with Salvatore, like about music!
the fact that things have been pretty bad of late is NO argument or sign
that they did not start getting bad in 1973, or even 1967 as AGF claims.
Evidence? Productivity growth rates dropped from 3%/year to 1% after
1973, and the avergage real wage has never recovered the 1973 level, also
in the US that is. The series of recessions, each deeper than the
previous one, started in 1967, then 69-70, then 73-75, 79-82, 89-92 and
elsewhere still, and thats right DEPRESSION for East Europe among others,
and the new - now 6th- recession seems already here again.
Enohgh for now, I went all throughh that in my 1980 books and 1986 ff
articles, which not only redicted what would happen but also why and how,
asnd have been borne out by events since, alas.
no cheers [and i am not into things today any more but have retreted
into history!]
gunder frank