>Just to clarify. Even assuming that unit labor costs were not to rise as
>the entire US based industrial reserve army of labor is called into action,
>capital still confronts a looming labor shortage due to the immensity of
>the capital that is being accumulated--Greenspan is only being honest here.
Actually, though, Greenspan has been celebrating the efficiency of U.S. investment as compared to the EU's & Japan's - we invest less, but smarter, and make more profit. Outside IT, investment in this expansion has been quite low.
Doug