It goes wrong both ways. A 2017 processor is at least 100x more useful than a 1987 processor of the same price. Most of the benefits of increased productivity a

It goes wrong both ways. A 2017 processor is at least 100x more useful than a 1987 processor of the same price. Most of the benefits of increased productivity are ignored by econometrics because the value is consumer surplus, but econometrics generally only measures price -- cost plus producer surplus.