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Thank you for your detailed and informative comments
Did the euro just enter its death throes? We can certainly hope so. At this point the Euro is the prison of nations, condemning Greece, Portugal, Spain, Italy, and perhaps Ireland to one or more decades of economic ruin. Almost 10 years ago, Argentina broke the chains of dollar parity that had plunged that country into a 30s scale depression. The economic rebound has been stunning. For a variety of reasons, Club Med won't do as well (in relative terms). However, it can do better than the current ongoing tragedy. Hint folks. What other country do we know that might be suffering from a fixed exchange rate?
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JK has already made this point. However, much (most) of the growth in median family income is a consequence of higher LFP (women working). A missing point is that median family income would have risen considerably more, were it not for this rise in inequality. Per-worker productivity has risen over 20% since the 1970s. Note that per-capita productivity has risen more because of smaller families and greater overall LFP.