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To: drsvelte who wrote (26038)	4/8/2000 7:30:00 PM
From: d. alexander	Respond to of 68460

Thanks, doc; possibly there may be some armchair general in the Economist's views of the US economy. The part that puzzled me Dear oil raises producers' costs and squeezes their profit margins. To restore those margins, employers strive to cut labour costs. At the aggregate level, and for any given pressure of demand, higher unemployment is the result: in effect, only with more people on the dole are workers willing to accept lower wages. As though that could just be done without resort to the labor-saving tricks that are supposedly driving the "new economy" or to say (flatly) From the late 1970s to the mid-1990s, oil played a stronger and statistically more significant role in driving American unemployment than interest rates. Well, I'll leave it to the experts. d.