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To: James Hutton who wrote (177789)	1/18/2009 7:46:26 PM
From: Mike M2	Respond to of 306849

James Robert Gordon of northwestern University is considered to be one of the leading experts on productivity ".. But a great deal of what Mr. Greenspan is claiming for the US economy is based on highly contentious and questionable economics, and Mr. Greenspan himself is surely aware of this, given that the Federal Reserve's own consultants have written papers questioning the existence of the late 1990's productivity miracle. One of those consultants, Professor Robert Gordon of Northwestern University, has done one of the most extensive studies on this phenomenon and argues that the entire increase in recorded productivity in the American economy over the last 5 years comes from one small sector, the manufacture of computers, which accounts for only 1.2% of GDP. He illustrates that non-durables show no improvement in productivity and durables ex computers actually show a decline. His study illustrates that there is no evidence of "benefits of computers and other electronic equipment spilling over to the sectors of the economy that have heavily invested in them." gold-eagle.com