Economia
In a recent paper historians of economic thought David M. Levy and Sandra J. Peart show that [Paul] Samuelson and other American economics textbook authors of the 1960s and 1970s kept forecasting rapid Soviet growth through their books’ successive editions, even while their own updated numbers clearly showed that the growth forecasts in previous editions had been too high. In the seven editions of his textbook published from 1961 to 1980, Samuelson kept including a chart indicating that Soviet output was growing faster that U.S. output, and predicting a catch-up in about twenty-five years. He repeatedly had to move the predicted catch-up date forward from the previous edition because the gap had never actually begun to close. In several editions he blamed low realized Soviet growth on bad weather. As late as the 1989 edition, he and coauthor William Nordhaus wrote: “The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.
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Economia
O grande erro de Samuelson
In a recent paper historians of economic thought David M. Levy and Sandra J. Peart show that [Paul] Samuelson and other American economics textbook authors of the 1960s and 1970s kept forecasting rapid Soviet growth through their books’ successive editions, even while their own updated numbers clearly showed that the growth forecasts in previous editions had been too high. In the seven editions of his textbook published from 1961 to 1980, Samuelson kept including a chart indicating that Soviet output was growing faster that U.S. output, and predicting a catch-up in about twenty-five years. He repeatedly had to move the predicted catch-up date forward from the previous edition because the gap had never actually begun to close. In several editions he blamed low realized Soviet growth on bad weather. As late as the 1989 edition, he and coauthor William Nordhaus wrote: “The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.Mais
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- 25% Of Nothing
• Those who had the time and patience to go through BCB communication since the beginning of the easing cycle have surely concluded that the main intellectual argument for its dovish stance in terms of monetary policy has been the supposed “disinflationary...
- Workin’ Man Blues
• There seems to be a widespread belief that Brazilian potential GDP growth stands at 4% to 4.5%, transparent not only in consensus forecasts suggesting that growth should trend back to those levels in the next couple of years, but also in government...
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Past and Present: Brazil’s Unfulfilled Expectations Industrial Growth and Structural Change: Brazil in a Long-Run Perspective by Dante Aldrighi ([email protected]) and Renato P. Colistete ([email protected]) Abstract: This paper...
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Brazil’s disappointing economy Stuck in the mud Feeble growth has forced a change of course. But the government’s room for manoeuvre is more limited than it was FAILING to meet low expectations is becoming a habit for Brazil’s economy. Figures...
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Hitting the Wall Two economists at the INSEAD business school in Fontainebleau, France, have found that in states without political freedom, secure property rights, impartial courts and other elements of good governance, living standards run into a barrier....