In re Salvatore's answer:
I happen to be aon a K long wave, but that question need not be settled
to discuss the question about recessin/depression that S B raised and
still discusses. The data "speak for themselves" on recent times.
and of course even in K terms if the B started some time ago, that is no
reasons why it should not turn down even more lately. after all the
previous B sarted in 1913, or some say later, and the deprssion was not
till the 30s! but never mind the K. the quesatiion is wherhter the good
ol days continued past 1973 or not. S says yes, I say no, i'm glad S also
recognoizes a generational difference in perception. but speaking of
generations, not on;ly in Us but also elsewhere in the West - even if
thers is a K and a new A is in the offincg- so far nobody in S's
generation or in generation X generaly can even aspire to matching, let
alone improving on, their parents standard of living. or does SB have
some especialy priviledged position and therefrom derived outlook.
Isympahtise with SB's scepticism about Ks after his colleague at JH
spent over 10 years looking for aworldwide productive K and couild not
find one. last i heard thougn Peter still kept the faith, never mind that
he couldnt find the evidence. K himself was into prices, etc.but since
then we have all been into REAL econ, and not just prices. and SB
contradicts himslef. for the price history has not bveen so rosy since
the early 70s, and of course the real one also not. Incientaly, SB should
take acount of HOW Reaganomics kept not only the US but the whole west
afloat during the 80s, and at WAHT/WHOSE cost in the world! Starwars
military Keynseanism kept the west afloat, but sank LAT Am, Africa, and
the "socialist" countries into depression. Keeping the dollar up after
the FEd changed its policy in Oct 79, sank everyvbody else and CREATED
the debt crisis. so SB's perspectrive from the heartland - just down from
the beltway - is a bit skewed!
cheers
gunder frank