Re:Doug's question

[gburgess@xxxxxxxxxxx]

The question Doug H. originally posed is very worthwhile, and I hope more
PEN-Lers will take it up.

Doug noted that J. Devine's account relied on a notion of productivity and
profit-led recovery. Is there anyone who can comment on the record of
productivity gains (especially macro-level) in the US and other leading
countries in the recent period? For example, has anyone brought up to date
the kind of long-term series Dumeniel and Levy (sp?) produced for the US?

It seems to me that unless this is really a different kind of capitalism,
any notion we are heading into a *long* upswing has to demonstrate
there have been significant gains in (broadly applicable) productivity,
(combined with the 'extra-market' means to prevent workers from shifting those
gains from profits to wages). I hear lots about computers and robots and
biotechnolgy, but are they really translating into broadly-based capital
investment and productivity growth? My understanding is that even the US data
doesn't really show this. Or does it?

Bill Burgess