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- W2075799331 abstract "Measured economic growth has slowed in advanced economies since the mid 1970s. A number of explanations have been advanced, one being that the slowdown is an artifact of the statistical system. In particular, one suspected source of error is the way the statistical system deals with the new kinds of 'information' products that are central to the current wave of technical change. These goods are often produced with dramatic and historically unprecedented increasing returns to scale.' Hence, their introduction is followed by a considerable period of falling prices, much of which may be going unmeasured given the usual lags before new products enter the commodity baskets on which price deflators are based. In addition, there is a general sense that the pace of technical change has been accelerating. The conjecture is that the benefits of this very novelty and the increased range of choice are going unmeasured, and that these factors are becoming more important over time (Diewert and Fox 1997). A number of analyses have sought to quantify the extent to which new goods are a source of bias in price measurement, and also, therefore, in the measurement of 'real' (i.e. deflated) economic growth (e.g. Diewert 1996; Grilliches 1996; U.S. Senate (Boskin et al.) Advisory Commission 1996; Crawford 1993). The consensus is that there is an upward bias on the order of half a percent per annum. However, the Boskin commission considered only the 'product cycle' biases arising from unmeasured price declines that occur after a commodity first appears on the market. Their estimates do not include any measure of the novelty of new goods as such, nor the effects due to differential impacts by income group. To aid our thinking, we have constructed a simplified model of an economy, and then used this to explore the effects of introducing new goods on various measures of real economic growth.2 Our model -XEcon, for experimental economy -includes both utility-loving individuals and profit-motivated firms. XEcon also includes a statistician, who computes several variants of the time series of real GDP, based on alternative empirical price deflators. Finally, XEcon has an omniscient creator, who can measure social welfare and compute 'true' standard of living indices." @default.
- W2075799331 created "2016-06-24" @default.
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- W2075799331 date "1999-04-01" @default.
- W2075799331 modified "2023-09-26" @default.
- W2075799331 title "New Goods and the Measurement of Real Economic Growth" @default.
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- W2075799331 doi "https://doi.org/10.2307/136431" @default.
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