And the current relationship between oil prices and global economic output is not pretty.

FORBES: Falling Oil Prices: Worrying Trend Or Saving Grace?

Well, the answer to that depended largely on whether Q (real output) was pretty much maxed out, meaning running at or near full employment of labor and other resources, or whether there was significant slack in the economy that might be taken up by greater spending.

FORBES: QE2, Trade and Black Box Economics

While you could probably get along without WiFi in a home-based console that already has Ethernet, and you can always presumably hook up a memory card reader via one of the unit's four USB ports, the lack of HDMI output makes this pretty much a non-starter for anyone hoping to actually use the PS3's Blu-ray drive for anything more than playing games.

ENGADGET: $500 PS3 to lack HDMI, WiFi, card reader HD

But at a time of mass unemployment, it looks like a pretty good tradeoff that should raise per capita output and average incomes.

FORBES: Why Borrow Now, Tax Later Is A Bad Idea

While third quarter GDP growth looked pretty solid in the face of it, with output expanding at an annualized rate of 2.5%, the economy remains depressed, and disinflationary forces are still well in place.

FORBES: Goldman Sachs Sees Signs Of Disinflation: Bernanke's Cue For QE3?

Of course, measuring the output and efficiency of public services by the numbers of people they deal with is a pretty crude method.

ECONOMIST: Health and education