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One big source of "economist technology" that doesn't get talked about a lot is the dramatically improved quality of automobiles compared to 30 years ago. When
by qq66 11y ago
One big source of "economist technology" that doesn't get talked about a lot is the dramatically improved quality of automobiles compared to 30 years ago. When I was a kid, the family Toyota was always needing an oil change, or breaking down, needing to go in for a muffler job, etc., requiring my parents to take time out of their lives to sit in a Jiffy Lube while they replaced the muffler. Now you can basically drive the things for 150,000 miles doing a few scheduled maintenance jobs.
- williamcotton 11y agoSure it is, it is called consumer surplus and it is a very well studied concept. If that has led to more productivity, that can be measure be real and measured exchange of value captured elsewhere in the economy. That's the whole point of GDP and frankly, the whole point of economics.