Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections
AbstractThe paper describes the background for my original "hedonics" paper (Griliches 1961) and discusses some of the issues raised by the subsequent literature on this range of topics. It goes on to consider some of the implications of this work for the measurement of capital services and connects it to the Jorgenson-Griliches (1967) paper on the "explanation of productivity change." It reviews the criticisms made against that paper, especially the use of a utilization adjustment, and fin& itself, perhaps unsurprisingly, still in sympathy with its major thrust. It also cautions against interpreting the recent slowdown in the growth of total factor productivity as implying, necessarily, a parallel slowdown in the technological potential of the economy.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2634.
Date of creation: Jun 1988
Date of revision:
Publication status: published as Zvi Griliches. "Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections," in Ernst R. Berndt and Jack E. Triplett, editors, "Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth" University of Chicago Press (1990)
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Other versions of this item:
- Zvi Griliches, 1991. "Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections," NBER Chapters, in: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth, pages 185-206 National Bureau of Economic Research, Inc.
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