Why was there low unemployment in the 90s?

[Michael Perelman]

Brad, should you not add a qualifier that the translation would be likely
to occur in competitive industries.

On Sun, Jun 30, 2002 at 07:52:22PM -0700, Bradford DeLong wrote:
> 
> Productivity gains are as likely (more likely) to translate into 
> lower prices than higher profits. The distribution of profits across 
> industries has something but not a lot to do with the distribution of 
> productivity...

-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu