Robin Neill wrote:  
>         Is it possible then, that the "brightest and the best"  
>(Warsh, passim.) in the Economics profession, in their debates  
>about decreasing and increasing returns in the context of Growth  
>Theory, have confused the short, the long, and the very long runs?  
>Is it possible that their debates have been a consequence of a  
>failure on the part of whoever taught them introductory economics?  
  
  
Robin: I just read Warsh as well.  He is not an economist so he often   
speaks loosely ( unlike his subjects, Romer et. al.). Despite that, I found   
the book extraordinary and may include it in my history of thought   
class.  In this particular case, what he should have said was diminishing   
returns to K/L  in the production of Y/L. This is of course a consequence   
of  a CRS aggregate production function.  
  
Kevin Quinn