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To: DMaA who wrote (3448)	11/7/2001 10:35:37 AM
From: ahhaha	of 24758

It's not any news. Productivity measures have no meaning. You have an equation, x * y = z. If you want to know z, you have to know both x and y. The problem is that if you can absolutely measure y, then x becomes a function of z, x(z). All definitions of productivity contain this kind of ambiguity. Good economic theory starts with the assumption that productivity is constant at 2.5%, so that x(z) = 1, where "1" is a normalizing constant. The question is, why bother trying to make this calculation? The only reason the FED does is to rationalize gunning the money supply. When they measure low productivity they don't slow money supply.

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