, 3 tweets, 1 min read
"Recent research suggests that current official statistics may understate productivity growth by missing a significant part of the growing value we derive from fast internet connections and smartphones." Jerome Powell October 08, 2019 federalreserve.gov/newsevents/spe…
I agree. And what about open source and imbedded software and non final goods? And exports? If they aren't part of "productivity," then what exactly are they? brookings.edu/wp-content/upl…
GPS handsets were once expensive (e.g., $1,000 plus). GPS is now in virtually all if not all smartphones. GPS in smartphones isn't part of GDP now because the price is zero. If GPS capability in a smartphone isn't part of productivity, then what is it?
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