Ben Pace has a linkpost for the booklet “Is the rate of scientific progress slowing down?” by Tyler Cowen and Ben Southwood, which is completely about the discoveries-to-economic-measurement problem. They interrogate the signal in GDP, and conclude it is very weak; they move on to use Total Factor Productivity instead.
Ben Pace has a linkpost for the booklet “Is the rate of scientific progress slowing down?” by Tyler Cowen and Ben Southwood, which is completely about the discoveries-to-economic-measurement problem. They interrogate the signal in GDP, and conclude it is very weak; they move on to use Total Factor Productivity instead.