ladies and gentlen it's my honor and deep privilege to introduce to you thchairman of the federal reserverd, dr. alan greenspan. schoumacher:to chaman alan greensp the rules had changed. he doubted whether inflation cod be adequately measured in the new econo using current techniques to trace price trends over time. when electricity was developed th was a new econo. when automobiles became prevalent that was a new economy. now we have a new economy that's electronic age. think it has contributed as those earli new economiecontributed, to an increase in productivity. there was a time when economists thought that when thunemployment rate got below 6% -- or 5 1/2 or 5, something like that -- that we would inevitably have inflation. we found out in the 1990s that with aery productive economy don't necessarily get inflation when unemployment drops. schoumacher: productivity was a key factor in keeping inflation down. but another factor wasthe globalization of business. the introduction of market forces frr trade, and widespread deregulion meant that international trade and investment played a