Greenspan Credits High Tech with Prosperity

WASHINGTON, DC, May 10 -- Federal Reserve Chairman Alan Greenspan gives credit to high tech advances for the nation's phenomenal economic performance and the unprecedented current climate of strong growth, low unemployment, low inflation, high corporate profits and soaring stock prices. Greenspan has commented from time to time on certain temporary factors that have helped the economy, such as falling oil prices and a strong dollar. However, in a recent speech in Chicago, he declared that the economy's performance is not just a cyclical phenomenon or a statistical aberration, but instead reflects -- at least in part -- a more deep-seated, still developing, shift in our economic landscape. Greenspan cited technological innovations that have helped businesses operate more efficiently, allowing them to control their costs and increase profits without raising prices.