Everyone knows that the 1990s was a great decade for high-tech manufacturing production. But few know how heavily the high-tech figures skewed the overall figures. Chart Seven shows that, if high tech hardware is taken out, manufacturing’s growth during the 1990s looks even less impressive. Even worse, we now know that most of the high tech production explosion resulted from a burst of speculation that was completely unjustified by economic fundamentals. In other words, it should never have happened, and it proved all too short-lived.

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