new Gordon papers

[Brad De Long]

>Wait. I don't get it. The abstract says the paper analyzes multi-factor
>productivity. The old version of the paper analyzed labor productivity. Is
>multi-factor productivity the same as total-factor productivity? Has the
>focus of the paper changed?
>
>Seth

Yes and yes...

Analyzing multi-factor productivity in the computer-using sector 
masks the fact that in the past five years labor productivity in the 
computer-using sector has leaped ahead. The MFP analysis essentially 
says that this rise in labor productivity is to be expected given the 
extraordinarily large number of computers purchased...

Brad DeLong
-- 

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"Now 'in the long run' this [way of summarizing the quantity theory 
of money] is probably true.... But this long run is a misleading 
guide to current affairs. **In the long run** we are all dead. 
Economists set themselves too easy, too useless a task if in 
tempestuous seasons they can only tell us that when the storm is long 
past the ocean is flat again."

 
--J.M. Keynes
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J. Bradford De Long; Professor of Economics, U.C. Berkeley;
Co-Editor, Journal of Economic Perspectives.
Dept. of Economics, U.C. Berkeley, #3880
Berkeley, CA 94720-3880
(510) 643-4027; (925) 283-2709 phones
(510) 642-6615; (925) 283-3897 faxes
http://econ161.berkeley.edu/
<delong at econ.berkeley.edu>