Will Hutton on Enron & productivity

["Ian Murray" <seamus2001@xxxxxxxxx>]

[snip]
"...Enron could not have made the progress it did
without the intellectual backdrop that all regulation
and taxation is bad - and that the more the US
deregulated, the better its economy performed. This
was, and is, balderdash. Recent work by economists,
notably at investment bank Credit Suisse First Boston,
shows that after making the necessary accounting
adjustments and including downward revisions,
productivity growth in the US has done no more than
match that in Europe. Indeed, countries like France and
Germany have higher absolute productivity and faster
rates of growth than the Americans, despite their
approach to regulation and taxation." [snip]

<
http://www.observer.co.uk/comment/story/0,6903,632020,0
0.html >