Remember how the talking heads were always announcing the good news of more productivity gains in the good old USA?
Well, not so much.
I've got my toe in the water on this whole financial industry debacle, but I can't bring myself to even go ankle deep. That water's cold, baby!
In short, how much of the apparent US productivity miracle, a miracle not shared by Europe, was a statistical illusion created by our bloated finance industry?
Dean Baker has argued for some time that, properly measured, the productivity gap between America and Europe never happened. I’m becoming more sympathetic to his point of view.
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