{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Comment from Alan Greenspan on the US economy.' data-url='/boclips/videos/5c54c239d8eafeecae15814d' data-video-url='/boclips/videos/5c54c239d8eafeecae15814d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nComment from Alan Greenspan on the US economy.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Alan Greenspan walks up to microphone2. Cutaway of crowd applauding3. Wide shot of Greenspan speaking4. SOUNDBITE: US Federal Reserve Chairman Alan Greenspan \"Should we endeavor to continue to refine our techniques of deriving maximum...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Alan Greenspan walks up to microphone\u003cbr/\u003e2. Cutaway of crowd applauding\u003cbr/\u003e3. Wide shot of Greenspan speaking\u003cbr/\u003e4. SOUNDBITE: US Federal Reserve Chairman Alan Greenspan \"Should we endeavor to continue to refine our techniques of deriving maximum information from an existing body of data? Or should we find ways to augment our data library to gain better insight into how our economy is functioning? Obviously, we should do both, but I suspect greater payoffs will come from more date than from more technique.\"\u003cbr/\u003e5. Cutaways\u003cbr/\u003e6. SOUNDBITE: US Federal Reserve Chairman Alan Greenspan \"But over time, and particularly during the last decade or two, an ever-increasing share of GDP has reflected the value of ideas more than material substance or manual labor input.  This ongoing development is imposing significant stress on our statistical systems.\"\u003cbr/\u003e7. Cutaway of audience, pan to wide shot of Greenspan talking\u003cbr/\u003e8. SOUNDBITE: US Federal Reserve Chairman Alan Greenspan \"I am encouraged by the progress that economists and economic statisticians have been making to date in tackling the daunting task of measuring real output and prices in a rapidly changing economy.\"\u003cbr/\u003e9. Wide shot of Greenspan talking, push into medium shot\u003cbr/\u003eU-S stocks were mixed in early trading on Tuesday morning and investors who were hoping for some guidance from Alan Greenspan  were disappointed. \u003cbr/\u003eThe Federal Reserve Chairman spoke to a group of business economists, but provided nothing that would move the market one way or the other.\u003cbr/\u003eInstead, Greenspan spoke of the need to improve the quality of economic measuring tools.\u003cbr/\u003eGreenspan said the biggest payoffs in efforts to improve economic forecasts are likely to come from raising the quality of the data collected. \u003cbr/\u003eAnd he said economists need to put a great deal of emphasis\u003cbr/\u003eon ways to better analyse the output of an increasingly complex society. \u003cbr/\u003eThe Fed Chairman said such effort is likely to yield more benefits than trying to build ever-more-complex computer models that attempt to forecast where the economy is headed.\u003cbr/\u003eGreenspan made no mention of the Fed's move last week to cut interest rates for a third time in an effort to stave off a full-blown recession. \u003cbr/\u003eHe also gave no hints about future Fed rate moves. \u003cbr/\u003eEconomists are predicting that last week's move will be followed by further rate reductions in coming months.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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