Lower import prices = 100% welfare gains? Not necessarily: don′t forget the impact of consumer taste and product quality

Konstantins Benkovskis, Julia Woerz, 15 July 2014

a

A

Official price statistics, which mostly reflect price surveys of importers, rely on the so-called overlap method to adjust price observations for changing product baskets. The implicit assumption is that price differences between old and new products entirely reflect differences in quality.

Topics: International trade
Tags: consumer tastes, gains from trade, hedonic price index, import prices, product quality, varieties, welfare gains

Why GDP just doesn’t add up

Diane Coyle interviewed by Viv Davies, 9 Jun 2014

As a measure of economic activity, GDP is imperfect, but no more so than any single indicator of the whole economy. Yet public policy debate about the economy is often focused on GDP growth to the exclusion of other important considerations. This Vox Talk argues the case for a ‘dashboard’ of alternative indicators that, in addition to measuring economic activity, could also capture social welfare, sustainability and the benefits of innovation.

Listen

Unfortunately the file could not be found.

Open in a pop-up window Open in a pop-up window

Download

Download MP3 File (4.83MB)

a

A

Transcript

View Transcript

Topics: Frontiers of economic research
Tags: GDP measurement, happiness, hedonic price index

Measuring economic progress

Diane Coyle, 17 February 2014

a

A

The debate about how best to measure economic activity dates back to well before the ‘invention’ of GDP by Richard Stone and others during the Second World War (Stone 1947). The earliest attempt was William Petty’s 1665 estimate of income and expenditure in England and Wales, followed by a variety of other approaches in the 18th and 19th centuries.

Topics: Frontiers of economic research
Tags: GDP measurement, happiness, hedonic price index

Vox eBooks

Events