psikeyhackr
Silver Member
- Jul 18, 2010
- 1,314
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Thomas Sowell? I have his Basic Economics 4th and 5th editions on my smartphone.
"After the war was over, there was a tremendous increase in the production of cars, refrigerators, housing, and other parts of the nation’s accumulated stock of wealth which had been allowed to wear down or wear out while production was being devoted to urgent wartime purposes. The durable equipment of consumers declined in real value between 1944 and 1945, the last year of the war and then more than doubled in real value over the next five years, as the nation's stock of durable assets that had been depleted during the war was replenished. This was an unprecedented rate of growth." |
That paragraph is identical in the 4th and 5th editions of Sowell's Basic Economics. He admits to the occurance of 'depreciation' in consumer durables but never uses the word. The Great Depression followed by WWII followed by the Great Acceleration has given us today's world. But the depreciation of all of the consumer junk produced since WWII is being ignored. Notice he called them "durable assets". The C02 from producing all of the junk is still in the atmosphere.
Euro-American economic theory has ignored demand side depreciation since WWII. NDP does not get much mention. The entire economics profession is full of crap.
"After the war was over, there was a tremendous increase in the production of cars, refrigerators, housing, and other parts of the nation’s accumulated stock of wealth which had been allowed to wear down or wear out while production was being devoted to urgent wartime purposes. The durable equipment of consumers declined in real value between 1944 and 1945, the last year of the war and then more than doubled in real value over the next five years, as the nation's stock of durable assets that had been depleted during the war was replenished. This was an unprecedented rate of growth." |
That paragraph is identical in the 4th and 5th editions of Sowell's Basic Economics. He admits to the occurance of 'depreciation' in consumer durables but never uses the word. The Great Depression followed by WWII followed by the Great Acceleration has given us today's world. But the depreciation of all of the consumer junk produced since WWII is being ignored. Notice he called them "durable assets". The C02 from producing all of the junk is still in the atmosphere.
Euro-American economic theory has ignored demand side depreciation since WWII. NDP does not get much mention. The entire economics profession is full of crap.
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