| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23315 |
| 来源ID | Working Paper 23315 |
| Accounting for Growth in the Age of the Internet: The Importance of Output-Saving Technical Change | |
| Charles Hulten; Leonard Nakamura | |
| 发表日期 | 2017-04-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We extend the conventional neoclassical production and growth framework, with its emphasis on total factor productivity as the primary macroeconomic mechanism of innovation, to allow for technical change that affects consumer welfare directly. Our model is based on Lancaster’s “New Approach to Consumer Theory,” in which there is a separate consumption technology that transforms goods, measured at production cost, into utility. This technology can shift over time, allowing consumers to make more efficient use of each dollar of income. This is an output-saving technical change, in contrast to the resource-saving technical change of the TFP residual. The output-saving formulation is a natural way to think about the free information goods available over the Internet, which bypass GDP and go directly to the consumer. It also leads to the concept of expanded GDP (EGDP), the sum of conventional supply-side GDP and a willingness-to-pay metric of the value of output-saving innovation to consumers. This alternative concept of GDP is linked to output-saving technical change and incorporates the value of those technology goods that have eluded the traditional concept. It thus provides a potentially more accurate representation of the economic progress occurring during the digital revolution. One implication of our model is that living standards, as measured by EGDP, can rise at a faster rate than real GDP growth, which may shed light on the question of how the latter can decline in an era of rapid innovation. |
| 主题 | Macroeconomics ; Development and Growth ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w23315 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580989 |
| 推荐引用方式 GB/T 7714 | Charles Hulten,Leonard Nakamura. Accounting for Growth in the Age of the Internet: The Importance of Output-Saving Technical Change. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23315.pdf（300KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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