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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (119249)9/1/2001 7:58:15 PM
From: Maurice Winn  Read Replies (1) of 436258
 
twistedtunes.com

<Greenspan stands accused of heresy on three counts --- heresy by thought, heresy by deed, heresy by word, and heresy by action. No, make that four counts. >

Is deed very different from action? Heretical thought? Wow. Lucky the inquisition can't mind read. Yet.

There was some misunderstanding of the productivity boom. There are not necessarily profits in it and if there are, they go to the creators of the productivity improvement. The beneficiaries are the end users who get an improved lifestyle from the productivity gains [such as me with my cyberspace links which enable me to hear that song] and the creators and owners of the new developments.

The intermediaries compete away the productivity improvements and they get nothing and in fact a reduction on their bottom line. Overall, the productivity improvements REDUCE profits of people in the productivity chain, other than the end users and the producer. Disintermediation is the name of the game.

As you say, there was a huge wealth transfer as people tried to capture but were misled by those possible productivity gains the profits from which were as slippery as an eel.

Nevertheless, the productivity improvements from all that stuff are huge. They just don't show up [as you say] in the way they try to measure them.

It's all part of the fun.

Mq
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