From: Bart  Croughs <bart.croughs@tip.nl>
Date: Wed, 14 Aug 1996 03:15:02 +0800
To: "'cypherpunks@toad.com>
Subject: Re: National Socio-Economic Security Need for Encryption  Technology
Message-ID: <01BB892E.FDB63BA0@groningen13.pop.tip.nl>
MIME-Version: 1.0
Content-Type: text/plain


Duncan Frissel wrote:

>In the long run, employers will bid wages up to the level of discounted
value of marginal product of the labor -- the present value of the future
"price" of the increase in output ascribable to the added worker.<

You are right. Wages are determined by the productivity of labor. But the productivity of labor in its turn is for a large part determined by the amount of capital invested. So, there is no contradiction here.

>It never ceases to amaze me that there are people in this country who
actually believe that the average American in poorer now than in 1970.  I
can only be those who were unconscious in 1970.<

I think you're probably right again, but I never said that the average American is poorer now than in 1970. Again, no contradiction here.

Bart Croughs