Word: output
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...society as completely as the internal-combustion engine and electric power did, beginning roughly a century ago. But why is there so little hard numerical evidence that this is happening? In particular, if computers are sparking a new industrial revolution, why have the numbers that measure the growth in output per labor-hour of the U.S. economy been so persistently anemic? As Nobel prizewinner Robert Solow summarized in what economists now call the Solow Paradox, computers are everywhere--except in the productivity statistics...
...slowdown," says Allen Sinai, chief global economist of Primark Decision Economics, a major forecasting firm. And next year, if the board's majority opinion is correct, the slowdown should cross the line into a growth recession. That is usually defined as a continuing increase in national output of goods and services, but one too puny to keep unemployment from rising...
...occupies the prestigious Stanley G. Harris chair of economics at Northwestern University, thinks profits may be hit even harder, though he offers no numbers. His explanation: labor shortages caused by the past boom are still severe and likely to remain so even with a slowdown in the growth of output. That condition will push up wages faster than companies will be able to raise either prices or productivity--that is, output per hour. Productivity is in fact already sliding, as it usually does at this late stage of a business expansion, the increasing computerization of the economy notwithstanding. Even such...
...most worried by "a very intense and unprecedented global credit crunch and balance-sheet contraction" that seems to be getting steadily worse. He runs down a kind of box score: nine of 13 countries on the Pacific Rim of Asia that once accounted for a third of world output "are in depression or recession, and we're still counting"; Japan, the world's second biggest economy, "is still going down--it looks like a drop of 2% this year"; in Latin America, Venezuela and Colombia are in recession and Brazil is "in a very dicey situation," saddled with an overvalued...
Despite Kenneth Starr's prodigious output, important and unanswered questions remain: Did the President obstruct justice? Did he use White House staff to cover up his affair and his lies about it? Did he tamper with witnesses...