Introduction MELF Equation Macro Metrics Micro Metrics Beyond GDP How To Access Acknowledgements About Us
And my responses,
Peer Reaction Innovation in Economics - Missing Pieces
I don't understand how your framework extends to other sectors,  I treat the goods sector extensively for good reason. The service economy is supplied from it. That said, innovation in services can be separately enumerated when the necessary data is available. The methodology is the same - creative destruction is economically universal - but because the 'data hole' for services is mammoth that had to be relegated to an Appendix. This must change. Your innovation measure. Isn't it just price divided by unit cost?  If so it would be dimensionless - instead of having the actual dimension of physical quantity. That's a vital point because the independence of physical quantity was given up - to value divided by price - by Economics almost a century ago. Because competitive pressure cannot be enumerated without physical quantity, this provides the primary reason why Economics has struggled with innovation since. Current National Accounting cannot be changed,  Nothing about current GDP needs to be changed. The new innovation metrics control future GDP. This opens a new reality in which it becomes possible to effect the future by rational planning in the present. I present a prediction based on this in Part VI. National advantage lies in such capability. Let's make sure the USA leads. You don't consider high-tech,  My data range is 1951-2001. The upper limit was forced by the cessation of key data availability. Nevertheless computing figures very strongly in the eighteen SIC codes behind the innovation metrics shown in Figures A7, A8 and A9. This is a sampling of reactions and responses. A complete list will be made available to those interested.