AG on globalization
Brad De Long
delong at econ.Berkeley.EDU
Wed Aug 30 15:50:27 PDT 2000
>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?
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...
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