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To: PMG who wrote (115847)	8/7/2001 10:28:15 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

PMG - I absolutely agree if, of course, the longer-term positive effect on consumer welfare is not neglected. Fast-growing productivity is a lot implementation stress for the economies... Yes. The only real problems with productivity increases are their use as a false justification for equity valuation and the fact that they can destroy an artificially constrained economy. Productivity increases are the only path to increased standards of living as consumer prices are reduced and real wages are increased. Profits and wages can only exist to the extent that revenues are sufficiently large to cover them. A constrained economy that is limited to decreasing consumer prices is a contracting economy. Regards, Don