Brad & Larry on the NASDAQ crash

[Bradford DeLong]

>[so people are only consumers or shareholders....]

They are producers too. But--IMNSHO--the NASDAQ crash was not about 
an upward jump in expectations of what wages would be over the next 
decade, but about a downward jump in expectations of what prices of 
high-tech goods would be over the next decade--and thus about the 
distribution of gains from productivity between shareholders and 
consumers...

Brad DeLong