ࡱ> DRoot Entrymm۶۶mmmm۶۶mmmm۶۶mmmm۶ Fm۶m۶m\9{S@۶m1Tablemm۶۶mmmm۶۶mmmm۶۶mmmm۶۶mmmm۶mmm۶mm۶m#Im۶WordDocumentmmmm۶۶mmmm۶۶mmmm۶۶m۶m۶mmmm۶m۶m۶m۶m۶m۶m۶mbmmSummaryInformation۶mmmm۶۶mmmm۶(m۶mm۶mmm۶m۶m۶m۶m۶m۶m۶ ۶m  !"#,-./0X23456789:;<=>?@HIJK_YZ[\]^j`abcdefghiqklmnop~rsDocumentSummaryInformation۶mmm8m۶mmm۶mm۶m۶m۶m۶m۶m۶mm۶CompObjmm۶۶mmmm۶۶mmmm۶۶mmmm۶۶m۶m۶mmmm۶m۶XmmObjectPoolmm۶۶mmmm۶۶mmmm۶۶mmmm۶ . .m۶m۶m۶m0Tablemm۶۶mmmm۶۶mmmm۶۶mmmm۶۶mmmm۶mmm۶mm۶m1Cm۶Root Entrymm۶۶mmmm۶۶mmmm۶۶mmmm۶ Fm۶m۶mGRt@۶m1Tablemm۶۶mmmm۶۶mmmm۶۶mmmm۶۶mmmm۶mmm۶mm۶m$ 3m۶WordDocumentmmmm۶۶mmmm۶۶mmmm۶۶m۶m۶mmmm۶m۶m۶m۶m۶m۶m۶m{\mmSummaryInformation۶mmmm۶۶mmmm۶(m۶mm۶mmm۶m۶m۶m۶m۶m۶m۶ ۶m %&'()*+A23456789:;<=>?@HBCEFGLIJK_MNOPQRSTUVW`abcdefghiqrsuvxyz|}DocumentSummaryInformation۶mmm8m۶mmm۶mm۶m۶m۶m۶m۶m۶mm۶CompObjmm۶۶mmmm۶۶mmmm۶۶mmmm۶۶m۶m۶mmmm۶m۶XmmObjectPoolmm۶۶mmmm۶۶mmmm۶۶mmmm۶ . .m۶m۶m۶m0Tablemm۶۶mmmm۶۶mmmm۶۶mmmm۶۶mmmm۶mmm۶mm۶m1Cm۶ [(@(NormalCJmH 00 Heading 1$@&5FF Heading 2$<@&56OJPJQJJJ Heading 31$d<@&5OJPJQJ00 Heading 4$@&6BB Heading 5 <@&5OJPJQJBB Heading 6 <@&6CJOJQJ>> Heading 7 <@& CJOJQJ<A@<Default Paragraph Font<C<Body Text Indent $FRFBody Text Indent 2 dhB* 4Z4 Plain Text CJOJQJBS@"BBody Text Indent 3 dh0B20 Body TextdhB* 0+@B0 Endnote TextCJ6*@Q6Endnote ReferenceH*2b2 Footnoth the micro-electronics revolution. The driving force is the ongoing explosion in productivity at making the integrated circuits that underpin all modern computer and communications technologies. That chip revolution has powered a stunning expansion in computing power. Our computers in 2010 will have ten million times the processing power of the computers of 1975. That expansion in computing power has radically diffused throughout the economy as price dropped continuously. The price of computers has fallen more than ten thousand-fold in a single generation. The price of semiconductors has fallen even faster. The installed base of information processing power has increased a million-fold since the end of the era of electro-mechanical calculators in the 1950s, a thirty-five percent per year annual compounded rate of increase in installed information processing power.The extraordinary build-out of the communications networks that link computers together is as remarkable as the explosion in computing power. The E-conomy has emerged faster, diffused more rapidly and widely throughout the economy, and increased capacity more dramatically than any historical predecessor. Compare the past forty years of progress in information processing with the replacement of the steam engine by the electric motor. In 1869 America's steam engines delivered 1.2 million horsepower to America's manufacturing firms. By 1939 America's electric motors delivered 45 million horsepower to America's manufacturing firms. This was roughly a forty-fold increase in mechanical power in seventy years--a five percent per year compounded annual increase. Compare it to the million-fold build-out and 35% annual compound price drops in computing. . An Economic Transformation, Not Just Another Leading Sector. Skeptics see in this only the story of a "leading sector"--an explosion of invention and innovation in a narrow sector of the economy that revolutionizes productivity in making a small range of commodities. There have been many such leading sectors in the past--air transport in the 1960s, television in the 1950s, automobiles in the 1920s, organic chemicals in the 1890s, railroads in the 1870s, etc. Yet they did not change the standard dynamic of economic growth; they defined it. (footnotes to Schumpeter) Semiconductors, computers, and communications do constitute a leading sector. But the full story is deeper and broader. Inventions that are not deeply integrated into economic life are gadgets. We marvel at these gadgets. They enrich us--or at least grab our attention--because of their utility or novelty. But there is another kind of invention: tools that open new possibilities for economic organization--what can be done and how it can be done--across a very wide range of industries. The electric motor is a tool. It made possible, among other things, the assembly line. No longer did factory floors have to be arranged in order to make sure that each machine was connected to the network of belts and shafts that transferred energy from the central steam engine. Instead factory floors could be arranged to make the flow of work simple, easy, and automatic. We call that reconfigured system by the name of "mass production." The long-run consequences--industrial, organizational, social--were enormous. Our current technological revolution is making tools for thought. The tools forged today will be used to calculate, sort, search, organize -- amplify what we might as well call brain power. They have the potential to be used in every economic activity in which organization, information processing, or communication is important. And that is every single economic activity. It is about new uses, lots of them, many with hard-to-see and many with easy-to-see benefits. Think of microsurgery (which saves days in hospitals, and spectacularly reduces pain and suffering); of new ways to search for pharmaceuticals; of hyper-efficient retailing (which saves American consumers enough money to bring into question government statistics on US economic and income growth); of cheap wireless phones; of remote monitoring of medical equipment like pacemakers; of farmers able to substantially increase yields while cutting back on polluting insecticides and fertilizers; and of students in small schools in Indiana--or India--who gain access to information well beyond that in their local libraries (if they have local libraries) that just the other day was available only to those with access to major research institutions. Thus the E-conomy is about changes in business organization, market structures, government regulations, and human experience that the revolution in information processing and data communications technology is triggering. The transition to an E-conomy is not simply a story about the self-contained development of technology. That technological revolution in the particular trajectory it is following and its extraordinary pace rests on the emergence of distinctly new forms of business organization and work, and is shaped by new strategies for developing and deploying innovation. As a national community, we in the United States have over the past half-century made mammoth investments in science and engineering research and education to assure the capacity to generate and absorb fundamental new ideas. This bet on formal science and science-based engineering has been extraordinarily successful It has generated a flow of technological advance over the past few decades that has both created and been accelerated by an increasingly innovative economy. Large companies in a broad range of sectors have aggressively and successfully pursued innovation to defend and expand their market positions. However, often--and more often in recent years--radical technological developments and applications from semiconductors through the personal computer and the web browser have come not from established organizations but from new entrants, start ups, entrepreneurial companies. In the last quarter of the twentieth century the U.S. high-technology economy has been composed of an extraordinarily effective blend of public investment, large company innovation, and entrepreneurial disruption. That entrepreneurial disruption has been critical to the sudden development and diffusion of new technologies and applications. Entrepreneurial companies have spotted new opportunities. They have taken big risks to develop new applications of information technology. They have recruited innovative people willing to share those risks in anticipation of potential rewards. Such a successful blend has required open competition in big user industries -- such as finance, air travel, and pharmaceutical development which experiment with new technologies to gain competitive advantage, and thereby launch the mass use and production of the technologies. And it has required established companies that are willing re-create and re-organize themselves to respond to competitive pressures and opportunities that define the new economic landscape. Perhaps most explored in the high-tech sectors and in Silicon Valley, the United States in the past decades has created the foundations for an innovation economy that is better than previous forms at supporting and creating a faster pace of breakthrough technological development. Our social and economic institutions appear to be uniquely effective in generating innovators in producer and in user industries. Policy: Frameworks and Choices. People Silicon Valley today much as people came to Manchester, England at the start of the industrial revolution in the 19th century, or to Detroit as the age of mass production emerged in the 1920s. They come to marvel at the accomplishments of new technology, new organizational forms and new industry. Mostly they come to try to understand what this all means. When they leave it would be good if they had a framework to structure the information, visions and debates. They need to understand what this shift in the economic landscape means, why it should command their especial concern, and how government policies and economic institutions shoue TextCJ4O4H1$dh@&5CJ$OJQJ Oq H2@&CJ 8&@8Footnote ReferenceH*,@,Header  !2O2H3 dh@&5CJOJQJ&)@& Page Number, ,Footer  !88H4 d@&56>*CJOJQJ&&H5@& 56CJ`_ '  }!V9}V9@       " 1j&.R5V9X[{l(*8HTghiyc , (b%$^(,.0023j5555555555555555555555555555n6p639R9W9!I!!!!!Y!Y!Y!V ! !*!!:!!*! ! !!*!!0!Y!Y!@!Y!o%!id!!0!Z!{5!;-@! !! !!id! !!!!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:!v:(*8HTghiyc , (b%$^(,.0023R5]5^5_5j5555555555555555555555555555n6p6 7T9W9(iyyyyy@ 99999<DBJTX]\]#-0p2(2\\]/.2Unknown Brad DeLong <!!l,2$yW->K@(  HB  C DB S  ?(V9@"@t!'$*X e #{>G$$$$u0{04455R5555555566W9 PEVV\ S A#$$**V-g-11224'5R55556688W9 John Zysman%C:\eudora\attach\CirculatingIntro.doc John Zysman:D:\technet\drafts\circultingdraftOct2\CirculatingIntro.doc Stephen Cohen1C:\TEMP\AutoRecovery save of CirculatingIntro.asd Stephen Cohen7C:\program files\bik\eudora\attach\CirculatingIntro.doc Stephen Cohen7C:\program files\bik\eudora\attach\CirculatingIntro.doc Stephen CohenC:\SC\CirculatingIntro.doc John Zysman:D:\technet\drafts\DrafttoTechnetOct4\CirculatingIntro1.doc John Zysman:D:\technet\drafts\DrafttoTechnetOct4\CirculatingIntro1.doc John Zysman4D:\technet\drafts\DrafttoTechnetOct4\FInalIntro1.doc Brad DeLong8Macintosh_HD:Desktop Folder:JBD_Intro_Cut_Down101799.doc }XHdaLdfMI+]x|nU,jXH [(@(NormalCJmH 00 Heading 1$@&5FF Heading 2$<@&56OJPJQJJJ Heading 31$d<@&5OJPJQJ00 Heading 4$@&6BB Heading 5 <@&5OJPJQJBB Heading 6 <@&6CJOJQJ>> Heading 7 <@& CJOJQJ<A@<Default Paragraph Font<C<Body Text Indent $FRFBody Text Indent 2 dhB* 4Z4 Plain Text CJOJQJBS@"BBody Text Indent 3 dh0B20 Body TextdhB* 0+@B0 Endnote TextCJ6*@Q6Endnote ReferenceH*2b2 Footnote TextCJ4O4H1$dh@&5CJ$OJQJ Oq H2@&CJ 8&@8Footnote ReferenceH*,@,Header  !2O2H3 dh@&5CJOJQJ&)@& Page Number, ,Footer  !88H4 d@&56>*CJOJQJ&&H5@& 56CJ`_ b 3}3@       " X$++23X[{l(*8HTghiyc , Z()*hjkb#K&:*,--?/q0C2a2b2e2f2g2h2i2j2k2l2m2n2o2p2q2r2s2t2u2v2w2x2y2z2{2|2}2G3I3333!I!!!!!Y!Y!Y!V ! 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Courier New"1h:&:&7: %&Q$0d.9 ]Introduction 2nd crack Steve Cohen Brad DeLong FMicrosoft Word DocumentNB6WWord.Document.8. All four regions posted little change ՜.+,D՜.+,H hp  'BRIEucQ.: Introduction 2nd crack Title 6> _PID_GUID'AN{45B00BAA-5AFC-11D3-BA3B-080009C1632E}ally adjusted 288,000 in the wee Oh+'0  0 < H T`hpx'Introduction 2nd crack8ntr Steve CohentevNormalo Brad DeLong9adMicrosoft Word 8.0a@9+@ⵥ @Hkh@2m&n in check (Washington Post, page E2; Wall Street Journal, page A2; New York Times, page C2). A proposed $1 increase in the hourly minimum wage would benefit 12 million U.S. workers, 7 million or 58 percent of whom are women, according to a new report jointly released by two research organizations. The Minimum Wage Increase: A Working Woman's Issue, released by the Economic Policy Institute and the Institute for Women's Policy Research, provides data on the The generations-long collapse in the of information technology hardware has driven a million-fold multiplication of And t, but has limited effects outside its technological coreare "" information technology beingand can affect These tools for thought will make possible n T . These changes are as much the E-conomy as are the changes in chip technology that underpin them.Moroever, the story of the creation of the of.ed. innovations fromand startupsTtoday is made up of, fore, taken large,andengineers and managersin   JTTTTdUfUrUU"VV@WHWpWWXXXXXXXĻ|sjĻHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HjHh:&H0JUHh:&HjHh:&H0JUHh:&HHh:&Hc t.2jbjbSS \114:]48$@$ ?f(GGG,%AC"G%"GGGY4(_p.YYYG T0T TtTGY Yc|d 1 4S|Technet Intro  Stephen Cohen Bradford DeLong John Zysman October 2, 1999 I. Introduction A Shift in the Economic Landscape There is "an unexpected leap in technology", Federal Reserve Chair Alan Greenspan told his Congressional audience that appears to be part of a deep-seated [and] still developing shift in our economic landscape." He added, characteristically, that the evidence for this leap was compelling but not conclusive. Central bankers are by nature and training cautious. They hedge and qualifX@AX@AX@APY@AjY@A\\AY@AY@AY@AY@AZ@AZ@@^\@\@Z@AZ@AZ@AZ@AZ@@Z@A\AZ@A"[@A$[@AR[@A[@A[@A\@A\A*]@AP]@A\A^]@@`]@A\Ap^@A\A^@A]@^@Aa@Aa@A*]ARb@ATb@AVb@A,]A\b@A^b@AV]A~b@Ab@Ab@Ab@Ab@AX]Ab@@Zd@@c@A@@c@@d@@d@@d@@d@@d@@d@@d@@d@@ d@@"d@@$d@@&d@@(d@@*d@@,d@@.d@@0d@@2d@@4d@@6d@@8d@@:d@@d@@@d@A@A @AAA,DA, @@Fd@AHd@Al@)@Jd@AXAD)@@X@Ld@AXA1@@X@Pd@@Xd@@Zd@GTimes New Roman5Symbol3 Arial;Helvetica3Times? Courier New"1h:&:&7: *&Q$0d.9 ]Introduction 2nd crack Steve Cohen Brad DeLongdFdEƀb$dd d !$d FMicrosoft Word DocumentNB6WWord.Document.8. All four regions posted little change ՜.+,D՜.+,H hp  'BRIEucQ.: Introduction 2nd crack Title 6> _PID_GUID'AN{45B00BAA-5AFC-11D3-BA3B-080009C1632E}ally adjusted 288,000 in the wee Oh+'0  0 < H T`hpx'Introduction 2nd crack8ntr Steve CohentevNormalo Brad DeLong11dMicrosoft Word 8.0a@| @ⵥ @Hky their views and artfully cloud their statements with ambiguity. When a central banker announces that there is a technological leap and attributes to it changes in macroeconomic dynamics--then it is time to sit-up and pay attention. This shift in our economic landscape has been given many names: an innovation economy, a "knowledge economy, a network economy -- most loosely a new economy. We prefer the term E-conomy because the story is fundamentally a structural one -- that is, a story about chwange in what is produced and distributed and how it is done. The present shift in our economic landscape is driven by the development of information technology and its movement out into the broad economy. It is not a macroeconomic or cyclical phenomenon, although it will have macro-economic consequences. It is not about permanently rising stock prices, wages and government surpluses or about permanently low rates of unemployment, interest and inflation. It does not eliminate the risks and dangers of business cycles or other macroeconomic dislocations. There are times and places when advancing technology and changing organizations transform not just one sector but the whole economy, as well as the society on which it rests. There are only a few such moments. But they do exist. And this present moment has a very good chance of being one. This structural transformation is what we call the E-conomy. The E-conomy is driven by the compounding and rapidly spreading impact of a new -- and soon to be dominanth@&n in check (Washington Post, page E2; Wall Street Journal, page A2; New York Times, page C2). A proposed $1 increase in the hourly minimum wage would benefit 12 million U.S. workers, 7 million or 58 percent of whom are women, according to a new report jointly released by two research organizations. The Minimum Wage Increase: A Working Woman's Issue, released by the Economic Policy Institute and the Institute for Women's Policy Research, provides data on the Thisindustrial ecologyIIAmerica's todaywe see : This, too, is a facet of the E-conomy. come to ,T they have grasped they have seen, they have heard..They are also removedr, \\\]dIdC$Eƀ:&X]Z]\]Hh:&Hc .2jbjbSS b11R5:]48$$H, GEf(WWW,FH}'W5"WWWi4(_.iiiWT0T TtTWi is|t - 1 4oTechnet Intro  Stephen Cohen Bradford DeLong John Zysman October 2, 1999 I. Introduction A Shift in the Economic Landscape There is "an unexpected leap in technology", Federal Reserve Chair Alan Greenspan told his Congressional audience that appears to be part of a deep-seated [and] still developing shift in our economic landscape." He added, characteristically, that the evidence for this leap was compelling but not conclusive. Central bankers are by nature and training cautious. They hedge and qualify their views and artfully cloud their statements with ambiguity. When a central banker announces that there is a technological leap and attributes to it changes in macroeconomic dynamics--then it is time to sit-up and pay attention. This shift in our economic landscape has been given many names: an innovation economy, a "knowledge economy, a network economy -- most loosely a new economy. We prefer the term E-conomy because the story is fundamentally a structural one -- that is, a story about change in what is produced and distributed and how it is done. The present shift in our economic landscape is driven by the development of information technology and its movement out into the broad economy. It is not a macroeconomic or cyclical phenomenon, although it will have macro-economic consequences. It is not about permanently rising stock prices, wages and government surpluses or about permanently low rates of unemployment, interest and inflation. It does not eliminate the risks and dangers of business cycles or other macroeconomic dislocations. There are times and places when advancing technology and changing organizations transform not just one sector but the whole economy, as well as the society on which it rests. There are only a few such moments. But they do exist. And this present moment has a very good chance of being one. This structural transformation is what we call the E-conomy. The E-conomy is driven by the compounding and rapidly spreading impact of a new -- and soon to be dominant -- source of economic development: information technology. Information technology amplifies brain power by empowering us to store, transmit, and manipulate information in a digital form. It amplifies brain power in the way that the industrial revolution's technology of steam engines, metallurgy and giant power tools multiplied muscle power by substituting machine for human and animal power. This hugely increased the scale and accuracy with which energy could be applied to production and transportation, and changed the world. Information technology builds the most all-purpose tools ever. The transformation is more than computer chips, lasers, broadband Internet, and software. They are the key components of the technology that drives it. But the E-conomy is about where and how these tools are used by its customers--other industries, organizations, and people--to transform what they do and how they do it, and do wholly new things never before possible. The Unfolding of the E-conomy The E-conomy begins witld and will respond. Our purpose here is to set this developing E-conomy into perspective, so that policy makers and opinion leaders will have better knowledge of the forces, the structures, and the stakes at play . Policy makers are for the most part far removed from the revolution in technology, and from the transfomations in the activities of business, education, health care and daily life that it is propelling. We need to close some of that distance. PAGE 1 PAGE 3 October 1, 1999 Introduction      M]4 5  GH@A  A-E-R-q-t---11111111111111!2"2$2%2&2'2(2)2*2+2.2Z@@@@A`AbADBȶHh:&HHh:&HHh:&HHh:&HHh:&H0JmH0J j0JUH*65CJOJQJ5CJ OJQJCJ j0JUCJ$ jUmH;.:KLM]4 pdFdEƀb$dd d !$d.:KLM]4 p C"%)+R-t-.01111112222 2 2 2 2 2222222222222222222 2!2$2&2(2*2,2-2.2  Lp C"%)+R-t-.011111222&`#$dddd22 2 2 2 2 2222222222222222222 2!2$2&2(2(2*2,2-2.2bADJLNRRTRnU$VXXXdIdC$Eƀ:&d 0/ =!"#$%Understanding the E-conomy17is only one of many who sees " caused by ."8Alan Greenspan, "Title" (source). Testimony before thecommittee committee on date date. When someone as prone to inginghisas the world's leadingthat it is time to sit up and pay attention to the economic consequences of a technological leap, indeed Today's ongoingcalled many thingsthetheand prefer to use.The other terms seem to us to be both too old and too new: Characteristically, Greenspan went on to add that the evidence for this shift is DBDCC,DDDHH@JDJvJ|JJJLLLNN(PPPP QQQRRRTRJTvmd[RHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&H6Hh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&Hthe economy has been ruled by innovation for at least two hundred years and by knowledge for at least ten thousand; the terms "network" and "new" capture too little of what we see as the key features of the ongoing shift. The term "e-conomy" points at the fact that today's seismic shift isand diffusion throughout all of It points at the facts that the shift is a shift in the deep structure of the economy, and primarily () ). ,erasproduction andS of fundamental transformatin are rare, but in our judgment today such fundamental,rapidly diffusingbuilds the tools neededthus manner analogous to the wayThe industrial revolutionical revolution that creates the E-conomy,bjust as much Without t there could be no E-conomy.T -- source of economic development: information technology. Information technology amplifies brain power by empowering us to store, transmit, and manipulate information in a digital form. It amplifies brain power in the way that the industrial revolution's technology of steam engines, metallurgy and giant power tools multiplied muscle power by substituting machine for human and animal power. This hugely increased the scale and accuracy with which energy could be applied to production and transportation, and changed the world. Information technology builds the most all-purpose tools ever. The transformation is more than computer chips, lasers, broadband Internet, and software. They are the key components of the technology that drives it. But the E-conomy is about where and how these tools are used by its customers--other industries, organizations, and people--to transform what they do and how they do it, and do wholly new things never before possible. The Unfolding of the E-conomy The E-conomy begins witld and will respond. Our purpose here is to set this developing E-conomy into perspective, so that policy makers and opinion leaders will have better knowledge of the forces, the structures, and the stakes at play . Policy makers are for the most part far removed from the revolution in technology, and from the transfomations in the activities of business, education, health care and daily life that it is propelling. We need to close some of that distance. PAGE 1 PAGE 3 October 1, 1999 Introduction      M]4 5  GH@A  A-E-R-q-t---11111111111111!2"2$2%2&2'2(2)2*2+2.2Z@@@@A`AbADBȶHh:&HHh:&HHh:&HHh:&HHh:&H0JmH0J j0JUH*65CJOJQJ5CJ OJQJCJ j0JUCJ$ jUmH;.:KLM]4 pdFdEƀb$dd d !$d.:KLM]4 p C"%)+R-t-.01111112222 2 2 2 2 2222222222222222222 2!2$2&2(2*2,2-2.2  Lp C"%)+R-t-.011111222&`#$dddd22 2 2 2 2 2222222222222222222 2!2$2&2(2(2*2,2-2.2bADJLNRRTRnU$VXXX\dIdC$Eƀ:&d,erasproduction andS of fundamental transformatin are rare, but in our judgment today such fundamental,rapidly diffusingbuilds the tools neededthus manner analogous to the wayThe industrial revolutionical revolution that creates the E-conomy,bjust as much Without t there could be no E-conomy.T The generations-long collapse in the of information technology hardware has driven a million-fold multiplication of And t, but has limited effects outside its technological coreare "" information technology beingand can affect These tools for thought will make possible n T . These changes are as much the E-conomy as are the changes in chip technology that underpin them.Moroever, the story of the creation of the of.ed. innovations fromand startupsTtoday is made up of, fore, taken large,andengineers and managersin   JTTTTdUfUrUU"VV@WHWpWWXXXXXXX,\\\\X]Ļ|sjĻaXOFHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HHh:&HjHh:&H0JUHh:&HjHh:&H0JUHh:&HHh:&H