Featured Research

Improving GDP: Demolishing, Repointing or Extending?

Carol Corrado, Kevin Fox, Peter Goodridge, Jonathan Haskel, Cecilia Jona-Lasinio, Rome Daniel Sichel, Stian Westlake

Read the first place Indigo Prize winning paper, in which our team proposed repointing GDP in line with the transformation in economic structure: to measure intangible and environmental capital, to quality-adjust prices, to run online experiments on willingness-to-pay for free goods. We then propose extending GDP to measure economic well-being better: using some of the components of GDP such as consumption, along with leisure and measures of security. The newly developed measures will follow the principles of good economic measurement and reflect production and well-being in modern global economies.

Measuring Capital in the New Economy

Edited by Carol Corrado, John Haltiwanger, Daniel Sichel

As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth.In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets.