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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (30668)10/24/2000 3:14:00 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
<<My point is if old economy companies can do it, the entire economy can do it. >>

the conclusion is a fallacy. you can not project micro-economic success stories on the macro-economic picture.
this has been extensively discussed on the millenium crash thread if you wish to check on the reasoning.
btw, no-one in his right mind will deny that productivity gains have been achieved...what is wide open to debate is the way in which they are measured by the government and the gap between their data and reality.
specifically irksome is the fact that a very small slice of the economy is accounted for in such a way as to enormously distort the overall picture.
and it's a matter of great importance, as the fantasy data from the BLS have distorted the economic decision-making processes from the conduct of monetary policy to the setting of exchange and interest rates by the market.
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