AG on globalization

[Brad De Long]

>Does it really mean that much for human welfare that real computer 
>output is rising at a 50% annual rate? Does it make any intuitive 
>sense at all? Is it right that a 10-15% increase in the nominal 
>value of high-tech output is inflated, thanks to the wacky price 
>indexes, into a 50% real increase?
>
>Doug

These are the right questions. Damned if I know the answers. We'll 
find out just how fast the marginal social product of additional 
semiconductors and fiber are diminishing. If they're diminishing 
fast, then it's no big deal. If not, we may well see amazing things 
in the next decade...

Brad DeLong