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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 234.70

-1.2%

Nov 14 9:30 AM EST

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To: Oeconomicus who wrote (132047)	9/28/2001 3:55:54 PM
From: GST	Read Replies (2) of 164684

Bob: I have little to say about the calculation issues -- it is not my primary focus. My understanding is basic: Productivity improvement is the ONLY means os improving living standards over time. The US enjoyed an uptrend in productivity improvement in the 80s which was amplified in the 90s. Productivity gains have many, many components, but improvements in management and organization are, I believe, the leading contributors. Technology played an important supporting role, but people with no real understanding of organizations tend to over-attribute gains to technology in and of itself. The new economy is, at its foundation, about productivity improvement. Spending on technology is secondary. I know some people think that AG and others decided to cook the books -- I am not sure about that. What I am sure about is that people who went around saying "new economy" were typically completely lacking in even a passing knowledge of what goes into productivity improvement. I don't care if the books were cooked and helped us to bubble-up the economy -- by that I mean I do know that the 20 year track record on productivity in the US is indeed impressive.

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