By Ernst R. Berndt, Charles R. Hulten
The celebrated economist Zvi Griliches’s complete occupation may be considered as an try and increase the reason for accuracy in financial size. His curiosity within the explanations and results of technical growth resulted in his pathbreaking paintings on rate hedonics, now the crucial analytical procedure to be had to account for adjustments in product caliber. 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 fiscal concept. the following, major students of monetary size deal with matters within the components of productiveness, fee 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 hard work marketplace, financial development, construction, and genuine output.
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The distinguished economist Zvi Griliches’s complete profession will be considered as an try and develop the reason for accuracy in financial dimension. His curiosity within the motives and results of technical growth ended in his pathbreaking paintings on fee hedonics, now the critical analytical process on hand to account for adjustments in product caliber.
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Additional info for Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches
A change in the statistical system operates in much the same way: people adjust their behavior in light of the new data (the first type of feedback eﬀect), and the modifications may be made as the data “matures” (the second feedback eﬀect). The roles of the Boskin Commission and the NRC panel should be seen in this light. 6 Conclusion I conclude my tribute to Zvi Griliches with the observation that the quality of data mattered a lot to him. He was bothered by the propensity of many empirical studies to use what he called “found data,” and knew that the quality of the ingredients was at least as important as the method of preparation, to use his own metaphor.
Washington, DC: Government Printing Oﬃce. , and Dale W. Jorgenson. 1969. S. real capital input, 1929–1967. Review of Income and Wealth 15 (December): 293– 320. ———. 1970. S. real product and real factor input, 1929–1969. Review of Income and Wealth 16 (March): 19–50. Corrado, Carol, Charles Hulten, and Daniel Sichel. 2005. Measuring capital and technology: An expanded framework. In Measuring capital in the new economy, ed. Carol Corrado, John Haltiwanger, and Daniel Sichel, 11–41. Studies in Income and Wealth, vol.
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. Correspondingly, interest in measurement issues became more “micro” and cross-sectional (panel data) as well as more field specific.