Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: LLCF who wrote (3215)	7/25/2003 12:36:33 PM
From: GraceZ	Read Replies (2) of 4907

Just a quick note, I want to review the whole conversation later because it's a good one. >>><The value is there, it just can't be monetized in the way that people wanted it to be and it was as destructive as it is constructive. <<<< That's what productivity IS, that was what everyone was saying. Ah, now here is where you have to go back to classical economics to get it. Productivity used to be measured by how many things that an individual worker or an economy could produce and how technology improved that number. Now it's measured in dollars. How dumb is that? If my new and improved machine makes ten times as many nails then it made before the improvement, and the price of nails plummets to the point where I'm only getting 3% more profit (which is inflated away by 2% inflation) from selling ten times as many nails modern productivity says I've improved 1%, not by 1000%. The benefit to the economy can be huge, nails are almost free, but because the profit is so low they consider the improvement almost worthless in modern economic measures which are all based on dollar amounts.

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