Thursday, May 03, 2007

Significance of migrant labour from eastern Europe

Macroblog has a nice post summarizing comments by "Bank of England Governor Mervyn King, reflecting on the Bank's performance over the past ten years"...good quote is "what we have to do with every variable that we look at, work out why it’s growing faster or slower than it was before and not to use some rather mindless regression"....

Macroblog includes comments in a similar vein by Federal Reserve Bank of Dallas President Richard Fisher: "How can economists quantify with such precision what the U.S. can produce with existing labor and capital when we don’t know the full extent of the global labor pool we can access?"...that's a good question...

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