By Ernst R. Berndt, Charles R. Hulten
The celebrated economist Zvi Griliches’s whole profession should be seen as an try and develop the reason for accuracy in financial size. His curiosity within the explanations and results of technical development resulted in his pathbreaking paintings on expense hedonics, now the central analytical strategy on hand to account for alterations in product quality.
Hard-to-Measure items and Services, a set of papers from an NBER convention held in Griliches’s honor, is a tribute to his many contributions to present financial proposal. right here, prime students of financial size tackle concerns within the components of productiveness, cost hedonics, capital dimension, diffusion of latest applied sciences, and output and value dimension in “hard-to-measure” sectors of the economy. Furthering Griliches’s important paintings that modified the best way economists take into consideration the U.S. nationwide source of revenue and Product bills, this quantity is key for all these attracted to the exertions marketplace, fiscal development, construction, and genuine output.
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Additional info for Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches (National Bureau of Economic Research Studies in Income and Wealth)
Example text
The history of the CPI over the last decade again illustrates the importance of this political economy issues. Perhaps the most startling finding of the Boskin Commission was the cost to the government of the estimated CPI bias: approximately $1 trillion over twelve years in Social Security and other COLAs based on the CPI. Taken as an unintended government outlay, the estimated bias would rank as one of the largest federal government programs. Conversely, the consequence of removing the CPI bias to those receiving COLAs or inflation escalators based on the CPI was equally $1 trillion.
Chicago: University of Chicago Press. ———. 2003. Price hedonics: A critical review. Federal Reserve Bank of New York Economic Policy Review 9 (3): 5–15. Jorgenson, Dale W. 1963. Capital theory and investment behavior. American Economic Review 53 (2): 247–59. , and Zvi Griliches. 1967. The explanation of productivity change. Review of Economic Studies 34 (July): 349–83. ———. 1972. Issues in growth accounting: A reply to Edward F. Denison. Survey of Current Business 52:65–94. Koopmans, Tjalling. 1947.
Taken as an unintended government outlay, the estimated bias would rank as one of the largest federal government programs. Conversely, the consequence of removing the CPI bias to those receiving COLAs or inflation escalators based on the CPI was equally $1 trillion. Surely those whose future pensions are reduced have a right to know the reasons for the reduction and to challenge the expert opinion supporting the change with their own analysis to tell their side of the story. The implication of these political economy considerations for economic measurement are illustrated by a National Research Council (NRC) committee empaneled to study the CPI in light of the Boskin Commission report.