Saturday, April 5, 2014

Ya gotta ac-cent-uate the positive, e-lim-in-ate the negative

And don't mess with Mr. Menzie Chinn's picture of America's post-war economy. Or he (and his acolytes) will throw a tantrum from all the way out in Wisconsin;
I fully expect a exegesis from Mr. Sullivan on how down is actually up for industrial production and employment.
Which has been pre-provided for Professor Chinn. Industrial production went down in 1945 as the war industries shut down, and then went up in 1946. As his own graph shows;
 We wonder if he will ever notice.

Here's the longer run picture (thanks to blogger Historia Futura Praedicit) which includes the barely noticeable blip in 1945 before the prolonged upward movement of GDP in the now civilian-ized economy;

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