Advertisements
Posted by: Doug Henwood | August 29, 2013

Fast food: bad mistakes, deleted

I really screwed up my numbers on the fast food post (now deleted). Like Rogoff and Reinhart, I made a basic Excel mistake, and produced exaggerated nonsense. A doubling of wages would require a 20% price increase, not 67%. (Thanks to Seth Ackerman for pointing this out.) I still have lots of political doubts about this stuff, but I’ll keep quiet for now and do nothing but apologize.

Advertisements

Responses

  1. The difference is that it took R&R three years, not five minutes, to acknowledge their mistake….

  2. You just admit a mistake and apologize? No wonder you are not a Harvard professor.

  3. Then what is your real world recommendation ? It’s rather easy to be a debunker.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: