It's official: New Economy is a crock!

[Dennis Robert Redmond]

Or so says the European Central Bank, on pages 38-49 of the ECB's monthly
report for July 2001, which shows that when you adjust for demographics,
hours worked, and other relevant factors, productivity per hour worked in
the EU rose 1.8% per annum from 1990-2000, and only 1.7% in the
US. They also show how the much-lauded productivity rise in the US during
the late 1990s was a product of a different calculation methodology; use
the same method on the EU, and the US lead vanishes. Doug will
probably have the low-down on the details in his new book. More at:

http://www.ecb.int/pub/pdf/mb200107en.pdf

-- Dennis