Industrial Production in the Recession
MV = Y, P = Y/Q, S = I

Paul Krugman Blogs from an Undisclosed Location Somewhere in China

He writes:

A brief moment of sanity: OK, I’ve got a small break in my trip. Right now I’m in … actually, given what the past week has been like, I’m not going to say, since I really really don’t want reporters calling. I hope that when China develops a bit further, it will revise its notion of how long a speech plus discussion should last. 2 1/2 hours, twice a day, plus meetings with umpteen business and government officials, kind of wears you down. And yes, as some commentators noticed, the posters did read “Great prophet in China.” Embarrassing.

A bit of macro in my next post. Then I really do have to grade term papers.

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