Growth is too rapid, unemployment too low, stocks too high.
There are deep and mysterious reasons why wage inflation is sure to explode someday soon. Even more mysteriously, some have even suggested that the rate of productivity growth is too fast. A second view holds that the New Economy has changed the rules, cutting costs and creating opportunities that never existed before. In part, this is surely correct. The new technologies are today contributing about 8 percent of employment and 35 percent of growth, the Commerce Department reports.