tag:blogger.com,1999:blog-4900303239154048192.post6416230210988011810..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Grasping Reality with Both Hands Bound to the Standard ModelUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-4631941067998139432009-03-15T14:20:00.000-04:002009-03-15T14:20:00.000-04:00No, Shag, fiddling with the reference dates doesn'...No, Shag, fiddling with the reference dates doesn't in any way rehabilitate the predictive value of the standard model. The model has NO empirical credibility whatsoever. None, zip, zilch, zero. It is strictly a just-so story that explains away a phenomenon rather than explain it. It is a storks-bring-babies fairy tale.<BR/><BR/>Why do economists want to believe in the stork? And where <I>do</I> babies come from, anyway?Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-79613108947965541982009-03-15T13:21:00.000-04:002009-03-15T13:21:00.000-04:00What would it look like if 1929-1950 were segmente...What would it look like if 1929-1950 were segmented 1929-1939 and 1940-1950? I was born in 1930 and was somewhat aware that many of the people in my neighborhood were poor and some on welfare programs. Fortunately my immigrant father had a job that with my immigrant mother's homemaking skills made do pretty well. Then in the late 1930s my grandmother came to live with us, permitting my mother the opportunity to get a job using her sewing skills to produce military clothing for the war. Both of my parents had overtime available to them and took it over leisure time to build up savings just in case WW II did not end the Great Depression. With rent and price controls in place, the overtime money was most welcome, not only for savings but also to improve our household situation. And of course after 1945, with more and more civilian production, we were able to purchsse goods not available because of war production. I assume other families may have had the same experience with overtime opportunities. Besides, gas was rationed, so where could we go, assuming we had a car, which we didn't.Shag from Brooklinehttps://www.blogger.com/profile/07312591102812315460noreply@blogger.com