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