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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era
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To: Freedom Fighter who wrote (1203)2/7/1999 4:11:00 PM
From: porcupine --''''>  Read Replies (1) of 1722
 
<< GDP growth can come from two sources. One is the reinvestment of savings and profits. The second is from credit creation beyond those savings. >>

It can also come from from increases in the size of the labor force, and increases in the productivity of both labor and capital. There has been an increase of 17,000,000 workers in the U.S. labor force over the course of the 1990's. Assuming an average of $50,000 per year of gross output per worker, that alone accounts for an $850 billion increase.

And, lowering impediments to the free flow of labor and capital, a major theme of the past two decades, increases the productivity of both, and therefore total output, without any claim on existing savings and profits.
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