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    US Growth: Why the Stats Are Misleading

    That's the annual reported growth of real gross domestic product per full-time worker from 1998 to 2007, according to government figures. "The amount that U.S. workers produce has grown at remarkable rates in recent years," gushed the 2007 Economic Report of the President. These productivity gains are usually held up as proof that the U.S. innovation machine has continued to thrive despite all sorts of obstacles.

    But unfortunately, productivity growth may be overstated for two reasons. First, the economy was lifted by two financial bubbles in a row—the stock market bubble followed by the credit bubble—leading to excess growth of finance and real estate. "The financial sector contributed substantially to the surge in productivity growth," says Martin Baily, a Brookings Institution productivity expert. "Some of the financial innovation has turned out not to generate real benefits."

    via businessweek.com

    • 6 June 2009
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