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Politics : Ask Michael Burke
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To: Michael Bakunin who wrote (66693)8/28/1999 2:21:00 AM
From: Don Lloyd  Read Replies (1) of 132070
 
mb -

(That's a fine thought experiment. While I have great sympathy for the basic position, it rests on several unproven assumptions, of which the least believable involves competition. When have we ever seen "all the positive results of productivity and efficiency improvement flow to the consumer"? Rarely, if ever....)

I happened across this and realized that it had the characteristics that might apply. High rate of productivity growth and all benefits flowing to the consumer.

bog.frb.fed.us

"...These technical advances have added up to a huge increase in the productivity of farmers and farm workers. Over the past thirty years, farm value-added per hour worked has grown at an average rate of more than 4-1/2 percent, roughly three times the rate of increase in output per hour in the nonfarm business sector of our economy. With the demand for farm output rising less than half as fast as productivity growth, the amount of labor input in agriculture has contracted dramatically. At the same time, the faster rate of farm productivity growth has led to a sustained decline in the prices of farm products relative to nonfarm business prices, at a compound average rate of roughly 3 percent per year over the past three decades..."
- Alan Greenspan 3/16/99

Regards, Don
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