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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Don Lloyd who wrote (30838)10/24/2000 4:27:11 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
Don, thanks...a very illuminating contribution to the debate.

interestingly, should the Fed succeed in its goal to 'slow down the economy to a more sustainable pace' as they have said, we will probably see even the official bogus productivity numbers decline, according to your example where declines in output outrun offsetting lay-offs. it will probably be noticed with hindsight that the cyclical component of the productivity surge was larger than was originally thought....and that there never was a "new era" after all.

btw, in support of your argument, the strongest productivity surge over the past 100 years was recorded from 1929 to 1932 - as the weaker players were weeded out in droves and the remainder were forced to 'do more with less'.
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