Greenspan's Take on Today's Economy

PRODUCTIVITY
Corporate America's heavy investment in computers and other labor-saving technologies is boosting productivity growth well above the trend of recent decades.

GLOBALIZATION
The growth of the global economy, coupled with technological advances, enables companies to shift production easily around the world. That means fewer inflationary bottlenecks from capacity shortages.

THE ANXIOUS WORKER
Globalization and corporate downsizings mean that employees put a premium on job security. They're also more willing to tie pay to performance--reducing the risk of wage inflation.

DATA: BUSINESS WEEK