By Ernst R. Berndt, Charles R. Hulten
The celebrated economist Zvi Griliches’s complete profession might be seen as an try to develop the reason for accuracy in monetary dimension. His curiosity within the explanations and effects of technical development resulted in his pathbreaking paintings on cost hedonics, now the critical analytical approach on hand to account for adjustments 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 suggestion. right here, major students of monetary dimension deal with matters within the components of productiveness, expense hedonics, capital size, diffusion of recent 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 debts, this quantity is vital for all these attracted to the hard work marketplace, fiscal progress, creation, and actual output.
Read Online or Download Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches (National Bureau of Economic Research Studies in Income and Wealth) PDF
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Additional resources for Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches (National Bureau of Economic Research Studies in Income and Wealth)
It is much larger and more representative than previous matched data using the Decennial Long Form data. We then use the data from manufacturing establishments in the 1990 DEED to update and expand on previous findings—using a more limited data set— regarding the measurement of the labor input and theories of wage determination (Hellerstein, Neumark, and Troske 1999). Finally, we examine estimates of some of the key characteristics of production functions and how sensitive they are to the specification and measurement of the labor input.
Griliches 1994, 14) Moreover, the diﬃculty of linking theory and measurement became progressively harder as theory evolved. , the aggregate production function underlying growth theory and growth accounting). This made for a tidy paradigm to guide the development of macroeconomic data, but theory also showed that the conditions that made for exact aggregation were highly unlikely (Fisher 1965). Subsequent theoretical development took a more disaggregated view of the world, a world that is inherently more messy, with heterogenous agents and imperfect information and competition.
It 24 Charles R. Hulten is tempting to stand on the moral high ground and assert that the national statistical system should be insulated from the political process and reflect only the experts’ assessment of best-practice measurement technique. However, while this position may seem unassailable from the heights of the ivory tower and, while it embodies a large dose of truth, it ignores the larger reality of the national statistical system: like all other aspects of government in a democratic system, a nation’s oﬃcial statistics are subject to the consent of the governed.