

The Marginal Productivity of Debt - mikecane
http://commoditybullmarket.blogspot.com/2009/04/why-obamas-stimulus-package-is-doomed.html

======
pontifier
Here are some problems I see with the article:

1 The article assumes a causal relation between debt acquisition and a change
in GDP. I can't even see how they would be related at all.

2 The article proposes that the utility of additional debt relies not on the
use of the funds, but on a number based entirely on past use.

3 The article compares a scalar (debt) to a rate (GDP). This means that '1'
has no special meaning in the comparison.

