Today, Tom Kruse asked about measuring unemployment. A few days ago, Bill Lear asked about international finance. No one answered Bill, and the way things are going, I would not be surprised if no one answered Tom. A few days ago, I got a note from a pen-l drop-out. He said that he was disappointed that we economists were not saying anything about the economy. Damn it. He was right. I think that global overcapacity still remains a serious problem, even if Greenspan keeps cutting interest rates. In the end, such a policy will only inflate the global bubble. We should be more active than ever. What is happening? -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
