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Friday, May 04, 2007

Comments

Lafayette

AE: "I suggested above the quantity and quality of output are also important, which help explain why U.S. per capita income is over $10,000 a year higher, and U.S. living standards are substantially higher, than the E.U."

And, what the hell does that mean if a mortgage on a f-person family house is 75% more.

The problem with factoids is that they rarely make for sane arguments. They are to forums like dietary roughage to the stomach ... they make for good digestion but add little protein.

And, they eventually end up as fecal matter.

Arthur Eckart

Lafayette, the statement means the quantity and quality of output per person is higher in the U.S. than in the E.U., which is supported by fundamental economics and the data. I stated the following before (which is based on Say's Law):

"Just like the volume of output in itself will cause declining prices and induce demand, the volume of capital will in itself cause interest rates to fall and induce demand. The gains of U.S. assets increased faster than the gains of U.S. liabilities. Similarly, the increases in U.S. output exceeded the rises in U.S. inflation, which induced demand and raised living standards."

Lafayette

AE: "... the statement means the quantity and quality of output per person is higher in the U.S. than in the E.U"

This nonsense is OTT.

Some guys just have to have the last word. You've had yours.

Arthur Eckart

Lafayette, you're wrong again :) I didn't know economics was nonsense.

Arthur Eckart

Lafayette, you don't even need economics to figure it out. E.U. output (equals income) is roughly $13 trillion a year and U.S. output is roughly $13 trillion a year. However, the E.U. has 450 million people and the U.S. has 300 million people. Also, people with higher incomes tend to buy higher quality goods. So, the quantity and quality of output per person is higher in the U.S. than in the E.U.

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But, the one area where it is decidedly worse is innovation (time to market of innovative products) and venture capital (ready access to start-up capital for new product/services ideas). Both are key to a dynamic industrial/commercial base.

Nick

Interesting

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