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Strategies & Market Trends : The Millennium Crash

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To: pater tenebrarum who wrote (5160)	6/6/2000 6:43:00 PM
From: George Gilder	Read Replies (11) of 5676

Productivity in fact is hugely understated in the data. Obviously GDP should be measured in real values rather than in dollars (your delusory standard of value). The value of a computer--an exemplary product similar to thousands of other innovations--has increased millions of times over the last decade because it is no longer restricted to typing a Word Document (your obsolete example). The PC is capable of publishing the document to millions of people simultaneously on the net; and it is capable of reaching a billion web pages comprising hundreds of terabytes of information across the net rather than merely a few megabytes of contents in a local hard drive. It taps into optical networks that are increasing their collective bandwidth by a factor of billions and moving that bandwidth ever closer to end users. Unmeasured in productivity data that ignores new products, the creativity unleashed by the net is best revealed by the efflorescence of scores of thousands of amazing new technology companies and the enrichment of stock market values in the face of a hostile Federal Reserve that does not comprehend the new economy any more than you do. --GG

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