In a speech this week, Fed Chairman Jerome Powell raised the possibility that the problem is with the data itself. GDP measures the value of products and services that are bought and sold. But many of the greatest technological innovations of the internet age are free. Search engines, e-mail, GPS, even— the official economic statistics are not designed to capture the benefits they generate for businesses and consumers.
The results? The median user would need about $48 to make up for being without Facebook for one month. The median price of giving up video streaming services like YouTube for a year is $1,173. To stop using search engines, consumers would need a median $17,530, making it the most valuable digital service.
Brynjolfsson is advocating an entirely new measure of economic health that calculates benefit rather than output. He calls it GDP-B and estimates that the welfare gains from Facebook alone would have added 0.05 to 0.11 percentage points to its annual growth.
Only so they can claim the middle class income hasn’t declined as bad as it has this past 30 years.
Feds have OVER-printed most intrinsic value out of USD, to a point it’s anemic! Sick currency only supports very fragile/weak economics! Even slightly higher rates crush fragile economics quickly. Fed’s 20,000+ employees are looking for value anywhere they can! Really? How rich!
At least they try. I gave up on The Fed at Crypto currency as a climate to bear economics.
federalfail
if it is not more than the per capita increase in health care costs, does it really matter?
Mobster is trying to help americans? Okay....
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