tag:blogger.com,1999:blog-2098432983500045934.post1083630325972809050..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: You don't just show a graph and assume that the trend it shows will continue foreverThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2098432983500045934.post-43076754283005368672019-05-05T09:13:14.562-04:002019-05-05T09:13:14.562-04:00In contrast to "growth accounting" see R...In contrast to "growth accounting" see Ray Dalio in the 2017 version of <a href="https://www.economicprinciples.org/downloads/ray_dalio__how_the_economic_machine_works__leveragings_and_deleveragings.pdf" rel="nofollow">How the Economic Machine Works</a>:<br /><br />"<b>Stepping away from the wiggles of any given day, and looking from the top down, one can see that the big shifts in economic growth are about two-thirds driven by productivity and one-third driven by indebtedness.</b>"<br /><br />... <i>driven by indebtedness</i> ...<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-36146605566408001882017-07-10T19:09:18.204-04:002017-07-10T19:09:18.204-04:00My post is a response to Menzie Chinn's of 25 ...My post is a response to Menzie Chinn's of 25 Jan 2017.<br /><br />See also Menzie's of <a href="http://econbrowser.com/archives/2016/02/what-is-the-assumed-output-gap-in-the-friedman-projections" rel="nofollow">20 Feb 2016</a><br />and in particular the comments on that post.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com