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To: Box-By-The-Riviera™ who wrote (44584)	12/6/2000 3:23:50 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

true, intuitively, and judging from micro-economic anecdotal evidence a productivity miracle was/is indeed occurring...and i wouldn't say that productivity hasn't increased - it clearly has. the data propagated by officialdom regarding macro-economic productivity trends ran however into lots of well-reasoned and well-documented criticism, which the new eraists dubbed grumpy bear nonsense. the doubts concern mainly the fact that productivity increases economy-wide were vastly distorted by the data emanating from a single sector of the economy, that is an extremely small sector to boot, namely tech hardware manufacturing (especially PC's). and the data describing what's happening in that sector were distorted via hedonic adjustments as well. imo a conservative, cautious central banker had no business accepting the official propaganda gospel without reservations in light of the evidence to the contrary.