Business Innovation Economics
• Harvard economist Zvi Griliches (1930-1999) had exhorted colleagues
to seek more and better data through his seminal paper ‘Productivity
Puzzles and R&D: Another Non-explanation’ and in his American
Economic Association Presidential Address ‘Productivity, R&D and the
Data Constraint’. He knew what had to be explained but did not have
the means to so. To his influential encouragement I dedicate the five
decade enabling database dubbed DINTEC™ (Data on INnovation
TEchnology and EConomics). If he hadn’t been thwarted by systemic
lack of data he would no doubt have discovered how to reverse the
hedonic equation, whose limitations he recognized, many years ago.
• Through a mutual interest in data sourced from the Sears Catalog,
Boskin Commissioner Professor Robert J. Gordon of Northwestern
University introduced me - early on - to deficiences caused to price
indexes by unquantifiable quality change (now solved by the MELF).
•The MELF equation is named for the Macroscope and recognizes a new
way of observing economic data conceived within Industry Studies by
Ralph E. Gomory, former Director of Research at IBM, when President of
the Sloan Foundation in 2005.
• Richard N. Foster, former Director of McKinsey & Co., shared his
research for the seminal book ‘Innovation’ whose S-curve data was
crucial for validating the MELF.
These sources, though influential, bear no responsibility for the
progressive knowledge now presented.