Kelly's Theory Of Productivity

has been expounded in the 'Comments' section here and here.

It is this -

"In a global labour market, overall productivity gains equal zero; or, globalisation is productivity dilution."

(Cross-posted on 'The Devil's Kitchen').

(Update, April 11 2006 -

This is a quite perfect illustration of the perils of blogging late at night and early in the morning, and of trying to be profound while sober. Brethren of the Cybersphere, take note.

Kelly's Revised Theory of Productivity reads,

"In a global labour market the overall gains occasioned from productivity growth equal zero: or, globalisation is productivity dilution."

Well, that's the Nobel gone for another year...)

Thanks a lot for this, Martin. Food for thought, especially if one reads the linked comments sections. My personal reply is below.