======================= HES POSTING ==================== 
 
> To say that net output to-day is greater, but the price-level lower, 
> than ten years ago or one year ago, is a proposition of a similar 
> character to the statement that Queen Victoria was a better queen but not 
> a happier woman than Queen Elizabeth -- a proposition not without meaning 
> and not without interest, but unsuitable as material for the differential 
> calculus.  Our precision will be a mock precision if we try to use such 
> partly vague and non-quantitative concepts as the basis of a quantitative 
> analysis." 
 
Maybe I am naive.. but isn't this really and issue in cardinal versus ordinal 
propositions... and not about the price level as a concept. Note the 
"unsuitable 
as material for the differential calculus"  and "non-quantitative concepts." 
Unfortunatly, I do not keep my GT in my office to check the context. 
 
 
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