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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (59044)5/11/1999 1:13:00 PM
From: Mike M2  Read Replies (1) of 132070
 
Wayne, I can't tell you how the productivity figures are computed but if productivity were higher than calculated as I believe AG has suggested in the past why does it not show up in reported profits? Answer the productivity miracle is a myth ( much like the Man) Dr. Richebacher has made some interesting points regarding productivity stats in his May 99 letter. " Since 1995, the rapid growth of the computer industry with merely 3-4% of total employment has contributed 30% of real GDP growth. Essentially, this implies a correspondingly disproportionate contribution of this small sector to the economy's overall productivity gains. If the computer industry is removed from the calculation of real GDP growth, productivity gains would look much more subdued. The further beauty of this big high-tech contribution to economic growth is that the dizzyingy fall in computer prices has substantially subtracted from the inflation rate the GDP price index ( used to calculate real GDP from nominal GDP) With a given growth rate in nominal GDP , any lowering of the inflation rate works out as a corresponding increase increase in real GDP , essentially implying a corresponding productivity gain. " The Richebacher Letter 1217 St. Paul St. Baltimore, MD 21202 1 (888) 737-9358 . Mike
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