Rasmus: my last word

The previous post is Jack Rasmus’ return of fire. Here’s my last word. Rasmus: “YOU REFERENCE ‘IP PRODUCT’ (COPYRIGHTS, MOVIES, ETC.) AS “THE MAJOR CONCEPTUAL CHANGE” IN THE REVISIONS, PROVIDING ONLY MINOR BOOSTS TO GDP.  BUT THAT’S NOT CORRECT.  IP PRODUCT RELATED CHANGES ONLY ADDED 0.5% OF THE 3.6% IN 2012 UPWARD REVISIONS.  AGAIN, THE BIGGEST FACTOR WAS ‘R&D EXPENSING’, NOT IP PRODUCT INCLUSION.” R&D is part of the new category, “IP Product.” Is it really too much to expect a self-identified “professor of political economy” (though I hear he’s actually nothing of… Read More

Rasmus returns fire

This just in from Jack Rasmus, responding to my response to his critique. This is about to get too meta for me, so after this, and a very brief response, I’m declaring hostilities over. Here it is, without a lick of editing.   In our continuing debate on the significance of the recent revisions to US GDP, Doug Henwood has published on his blog his second reply to my counter to his critique of my original piece.  The following is my second reply to his more rational (less personalized and polemical tone)… Read More