Greenspan IQ query

Doug Henwood dhenwood at
Fri Apr 7 09:42:39 PDT 2000

Rakesh Bhandari wrote:

>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.


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