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To: Raymond Duray who wrote (10333)	2/16/2001 2:37:20 PM
From: A.L. Reagan	Respond to of 13572

Everyone wants to believe that the productivity gains of the past few years weren't the illusory application of vast amounts of capital Well, Ray, there really are some real productivity increases, but I think the stats our pal AG uses are mixed up with all the wonderful hedonic price deflators - e.g. two years ago it took x manhours to produce quantity y of DRAM, now it takes 1/2x manhours to produce the same quantity of DRAM (in Mbs). Which any sane person knows isn't a "real" productivity increase of 2x, but some lesser amount. Not sure AG understands this.