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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: carranza2 who wrote (12523)	10/16/2003 2:31:06 PM
From: Nadine Carroll	Respond to of 793587

an incredible tech-based increase in productivity occurred at about the same time, not to mention the stock market recovery after the 1987 crash I'm not at all sure how much of that productivity increase will be judged to be real after all the froth subsides (& no it's not done yet). Clinton did oversee the skewing of productivity figures by introducing "Hedonic Pricing" (where if you pay the same as last time for a more powerful computer, it's marked as really cheaper because the computer is more powerful) which did a heck of a lot to keep inflation low - by not counting most of it. Manias tend to occur around major financial/technological innovations, just because they are so hard to value. Joint Stock Companies. Canals. Telegraphs. Railroads. Electiricity. Radios. Congomerates. The Internet. Each of these innovations had its mania. Did they really increase productivity? Yes, but not as much or as quickly as was ancipated at the time.