Put Your Chips on 35

James K. Galbraith

Economics Policy Note Archive from Levy Economics Institute

Abstract: According to Federal Reserve Chairman Alan Greenspan, we live in a time "profoundly different from the typical postwar business cycle." Our experiences have "defied conventional wisdom" and mark "veritable shifts in the tectonic plates of technology." Evidently, the law of supply and demand has been repealed. This is the theme of "Put your chips on 35"-where 35 refers to the standard industrial classification code for machinery, of which 357, computers and office equipment, is the ground zero of the technological earthquake.

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