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the focus on GDP is itself profoundly flawed. All the "growth" in the US in the past 30 years has only gone to a small number of people.

The most recent cycle has seen median incomes end up below where they were at the beginning of the cycle, for the first time in a very long while.

Beyond the fact that GDP as a measure of the overall economy is not very good, its repartition is becoming the biggest problem.

Don't forget: "growth" = "growth for the top 0.1%'s incomes" these days. Thus GDP goes only so far.

Should we worry that the European institutional framework is less favorable to the ultra rich?

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Sep 3rd, 2008 at 03:39:34 PM EST

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