Because even though I think you have changed the nature of the economy, I don't believe that the silicon chip has repealed all the economic laws that govern nations. It is easy to overemphasize the impact of electronic commerce, which the Commerce Department estimated affects about 30 percent of the gross domestic product. But virtually everyone agrees that something different is taking place. The pilots of the economy have never been here before. All of the old rules seem to be obsolete, and there are no maps and no guides.
Most economists find it surprising and miraculous.
This sort of uncertainty makes it difficult for policymakers to plot their next steps. For example, economists were relieved that wages for low-income workers recently began to rise after stagnating since the 1970s. But some wonder now whether the Fed rate increases will choke off growth just when the economy is reaching into the poorest neighborhoods. Another panel will ask if a debt-free U.S. government is good for the nation's economic future. Clinton and members of Congress have vowed to use budget surpluses to pay off the debt as quickly as possible.