Re: MySQL to go public
On Feb 7, 2007, at 2:31 PM, bitch@pulpculture.org wrote:
And Doug, really, is this all because of Web 2.0? Is it also the
exuberance associated with all those huge Wall St. bonuses, spurring
investment and business expansion?
It’s hard to see an investment boom in the national income accounts;
as a share of GDP, equipment and software investment is at
early-1990s levels, before the mid-decade investment and productivity
takeoff. (The standard explanation of the productivity acceleration
boils down to the high-tech investment mania of the second half of
the 1990s. Efforts to measure the impact of the investment boom are
fraught with conceptual and practical difficulties of the sort I
wrote about at tedious length in After the New Economy, but bracket
that for now.) Nor has there been any explosion in hiring visible in
the stats either (e.g., check out the BLS’s Business Employment
Dynamics http://www.bls.gov/news.release/cewbd.t02.htm, which shows
hiring at a very tepid pace in 2005 and early 2006).
A simpler explanation is that the economy has been expanding for more
than five years, and since the unemployment rate never really got too
high in the recession, we started with a not-very-loose labor market
and it’s only gotten tighter.
Doug