======================= 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. ============ FOOTER TO HES POSTING ============ For information, send the message "info HES" to [log in to unmask]