growth inany pas of the world growth means growth of population, growthn poverty, growthn the scarcity of resources. today in america, we take economicrowth and oustandard of living for granted. what iraw marials run out? whatpulation anpollution get out of hand? in97 issued a reporcalledas t ce the limitso growth. what did they predict, and could they be righ in97 issued a reporcalledas t ce the limitso growth. on population... ifurrent gwth rascontinue, wod populationill double by t year 2000 when our grandchildrenare ol ifurrent gwth rascontinue, e potionwill have ubled again. wod populationill double by t year 2000 conseque pressureon land and ods would be tremendous. widespad famine and malnutrition would be all-pervasive. that if minelsnd metalshe port d weonsumed exhaustein few decades.e,globale they were called the clubrome cause they methere. they were called the writers of the limits of growth came from m.i. jay forrester, a group consultant, summarized their conclusions. the forces are like an oon. peel off one layer, and there's another limit. the forces are like an oon. ut

growthn of productivity is much slower than it used to be. is that temporary or permanent? if you are an optimist, you think we are going to get back to something which will take the economy closer to 3% growth because of the many innovations that you see around you all the time, and because of the dynamism of this economy. -- how much does our knowledge improve, how much does our technology improve? the other view is a more dark one which says you have got to have negative interest rates to get full employment. that is a different definition. case, then wehe couldn't raise the interest rate very much. i don't believe that's the case. our long-term interest rates are positive. that is the current interest rate minus expected inflation. , don't think the markets think nor do i think, that we need to operate with a negative interest rate over long periods to have full employment. >> i want to ask you about some of the criticisms that we all hear about the policies that the fed has employed over the last few years and other central banks are now employing. there is a feeling i