The Economics of New Goods
Timothy F. Bresnahan, Robert J. Gordon
University of Chicago Press, Apr 15, 2008 - Business & Economics - 504 pages
New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change.
The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan.
This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.
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advertising aggregate analysis antiulcer Apple-Cinnamon Cheerios automobile average brands Bresnahan calculation cars century cereal characteristics Cheerios competition component indexes computing equipment Consumer Price Index consumer's surplus consumption decline Diewert disease drug DWPI economic effect elasticity electricity equation estimates example firms function geometric mean germ theory Griliches growth H2-antagonist Hausman hedonic price hedonic regressions household impact imperfect competition important improvements included income increase index number industry infant mortality innovation introduction invention IPPI Journal labor lamp Laspeyres index mainframe mainframe computers manufacturing marginal cost market share measure milk outlet output paper percent period personal computers price change price of light problem quality change quality-adjusted quality-adjusted price quantity real wages regression Reinsdorf relative sample sellers Statistics Canada substitution sumer Tagamet tion ulcer United variables variety virtual price weights welfare Zantac Zvi Griliches
Page ix - Funds for the Conference on Research in Income and Wealth are provided to the National Bureau of Economic Research by the Bureau of the Census, the Bureau of Economic Analysis, the Bureau of Labor Statistics, and the Statistics Division of the Internal Revenue Service.