Don: " Productivity ": Even a sick horse will go faster,ÿ
for a while, if you flog it.
How much of the current productivity is due to overwork,
overtime?
Will the horses' knees start to buckle soon?
Nurses in hospitals have had 5 years of this.They are allÿ
telling me they've had it,
TA
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you said
Message #77658 from Don Lloyd at Mar 12 2000 3:34AM
ÿÿÿÿÿ Mike -
ÿÿÿÿÿ If you have the print Barron's, look at the Market Watch section on page 62.
ÿÿÿÿÿ In Aeitus Weekly, Jim Griffen makes a clear case forÿ
something I alluded to the other day, namely that theÿ
measured productivity numbers, far from
ÿÿÿÿÿ being a strong support for the bull, are merely theÿ
RESULT of growth, not its progenitor.
ÿÿÿÿÿ "...The productivity numbers we rejoice in are, simply,ÿ
ÿÿÿ a ratio of an estimate of GDP to an estimate of hours worked..."
ÿ "...When output rises faster than inputs, productivity
ÿgenerates all-star statistics. But there are no time and motion studies,
ÿ no engineering data, behind the productivity numbersÿ
ÿ- just a couple of indexÿ numbers of dubious precision,ÿ
ÿdespite their painstakingÿ 'estimation'.ÿ
And because output changes tend to be moreÿ
volatile than employment-dominated input changes,ÿ
productivity varies closely with GDP. In effect, theÿ
official productivity numbers are an echo of the GDPÿ
report..."
ÿÿÿÿÿ Regards, Don |
