I think we're witnessing a dramatic change in our productivity. We're using so many new machines, with such excellent technology, that our productivity is increasing faster than we can measure it. In any case, these changes from CBO indicate that we are not measuring it right. As you know, we rely on our productivity to keep inflation under control. In America, we need that high productivity to have sustained growth without harming the economy.
Productivity is a measure of the economic impact of a unit of a person's time.
Through globalization we have a real chance of dramatically impacting and raising the standards of living for many of the world's people. Today, far too many people live in countries with deplorable economic conditions. Perhaps two-thirds of all people exist with miserable standards of living, so low, that they don't even come close to what we would regard as rational or reasonable for human beings. Globalization has a real chance of affecting their standards of living, substantially, dramatically, and consistently - way beyond anything we have ever understood. Now globalization doesn't guarantee that we'll be successful in impacting the world's standards of living, it only provides the opportunity.