Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means.

We should not be cutting taxes by borrowing, ... We do not have the capability of having both productive tax cuts and large expenditure increases, and presume that the deficit doesn't matter.

This is a watershed in the development of the auto industry in China. The Chinese formed joint ventures for one purpose: to learn how to do it themselves one day. That day is here.

Technology is also damping upward price pressures through its effect on international trade,

Technology and the Economy.

The Fact that our economical models at The Fed, the best in the world, have been wrong for fourteen straight quarters, does not mean they will not be right in the fifteenth quarter