I will give my Readers this link to pursue, though I am not totally in conformance with most of the ideation utilized. One has to ask How effective economic theory remains when it has generated two huge Bubbles within one decade. I have long questioned the economic authority which insists that Inflation is a mandatory element, and Deflation is a demon which must be forestalled by every means available. Japan endured a long Period of deflation, and homeland prices seem better adjusted for that drag. Japan might be an Exhibit of How an economy must endure a round of deflation in order to firmly implant a standard of living for participants in the economy on a sound-value platform. I do know that American Price values are disorganized, and China’s Prices are following the whipsaw swings of the Americans. The EU seems to be pushing much of the inflationary distortion between Product prices from their economies with their economic policy; which is sharply critiqued in this Country.
I forward this link to get my Readers to think about the value of a continually upbeat Look at life. My slant is different from the Post, in that I would ask where this places the value of Publicity and Propaganda. We can act like an Economist and examine past uses of both to determine the long-term gain or loss from their usage. Most Publications will probably be found to be long-term counterproductive to effective activity, this because of the misapprehensions that are created from the ideation. It also leads to the question of examination of the Expiration Dates from all Public issuances, where they eventually do turn counterproductive; there are Those who will say that good ideation never fails–but they are the true Optimists.
I think that Arnold is trying to turn Empirical into theoretical, though I may be far off the Mark. I think he is trying to get people to operate like myself, and guess a lot. Arnold uses the example of Phoenix and Detroit. I would advise Students to find the difference in average yearly Temperature between the two Cities, before entering into extensive comparisons. Where the comparisons must be entered, try to define the monthly operating Costs of maintaining small firms within both areas. I personally think that Arnold is on to something with his Recalculation theory with its focus on future performance, but most people can define trends; what is necessary remains How to define what people will need in the future. This stands as the Need of both the Businessman and Economist. lgl