Friday, July 17, 2015

The good news

It makes great sense that the world speeds up, tech speeds up, and measurement gets left behind. Many smart people work in data gathering and analysis but keeping up is harder than ever. Almost everyone gets cheaper and better tech applications routinely these days. How is anyone going to measure the consumer surplus involved? How then to measure productivity trends? Economist Hal Varian understands this better than anyone and explains in today's WSJ. "Silicon Valley Doesn’t Believe U.S. Productivity Is Down ... Contrarian economists at Google and Stanford say the U.S. doesn’t have a productivity problem, it has a measurement problem"