4 ms·

What's the unit on that Y axis?

by skrebbel 7y ago

tedeh 7y ago
It is an index that starts at 100 at the beginning of the graph.
- Aloha 7y ago
  An index of what? Units? Weight? Volume? Dollar Value?
_iyig 7y ago
I recall an article (or blog post) from a couple years ago- it made the case that US productivity had been grossly mis-indexed since the 80s, in part due to assumptions about CPU power relating to economic productivity where Moore's Law essentially inflated the numbers. Does anyone happen to remember this same article, and have a link? EDIT: here it is, from 2012. I saw it again in 2016 when it was brought up to explain Trump's election, by way of reminding American elites just how bad "deindustrialization" and globalization really had been for the heartland: https://www.washingtonpost.com/business/economy/economists-offer-more-pessimistic-view-on-manufacturing-in-upcoming-report/2012/03/19/gIQAKSpZNS_story.html https://www.washingtonpost.com/business/economy/economists-o... "Moreover, at least some of the productivity gains shown in U.S. computer manufacturing reflect the increasing power and decreasing prices that come with innovation. When a computer chip doubles in efficiency, that can turn up in a doubling of output and productivity in computer manufacturing. But that is not what is ordinarily thought of as manufacturing efficiency. “It is innovation that makes it look like they’re manufacturing a whole lot more in the U.S. than they really are,” Atkinson said."
- blululu 7y ago
  Another source to this thesis: http://www.upjohn.org/MEG/papers/Measuring%20Mfg_Houseman_Bartik_Sturgeon.pdf http://www.upjohn.org/MEG/papers/Measuring%20Mfg_Houseman_Ba...
  - Gibbon1 7y ago
    > The extraordinary real GDP growth in these sub-industries, in turn, is a result of the adjustment of price indexes used to deflate computers and semiconductors for improvements in quality. Gag
ChuckMcM 7y ago
See this page: https://www.federalreserve.gov/releases/g17/CapNotes.htm https://www.federalreserve.gov/releases/g17/CapNotes.htm for an explanation of how the Federal Reserve gets these numbers.

What's the unit on that Y axis?

tedeh 7y ago

It is an index that starts at 100 at the beginning of the graph.

Aloha 7y ago
An index of what? Units? Weight? Volume? Dollar Value?

_iyig 7y ago

I recall an article (or blog post) from a couple years ago- it made the case that US productivity had been grossly mis-indexed since the 80s, in part due to assumptions about CPU power relating to economic productivity where Moore's Law essentially inflated the numbers. Does anyone happen to remember this same article, and have a link? EDIT: here it is, from 2012. I saw it again in 2016 when it was brought up to explain Trump's election, by way of reminding American elites just how bad "deindustrialization" and globalization really had been for the heartland: https://www.washingtonpost.com/business/economy/economists-offer-more-pessimistic-view-on-manufacturing-in-upcoming-report/2012/03/19/gIQAKSpZNS_story.html https://www.washingtonpost.com/business/economy/economists-o... "Moreover, at least some of the productivity gains shown in U.S. computer manufacturing reflect the increasing power and decreasing prices that come with innovation. When a computer chip doubles in efficiency, that can turn up in a doubling of output and productivity in computer manufacturing. But that is not what is ordinarily thought of as manufacturing efficiency. “It is innovation that makes it look like they’re manufacturing a whole lot more in the U.S. than they really are,” Atkinson said."

blululu 7y ago
Another source to this thesis: http://www.upjohn.org/MEG/papers/Measuring%20Mfg_Houseman_Bartik_Sturgeon.pdf http://www.upjohn.org/MEG/papers/Measuring%20Mfg_Houseman_Ba...
- Gibbon1 7y ago
  > The extraordinary real GDP growth in these sub-industries, in turn, is a result of the adjustment of price indexes used to deflate computers and semiconductors for improvements in quality. Gag

ChuckMcM 7y ago

See this page: https://www.federalreserve.gov/releases/g17/CapNotes.htm https://www.federalreserve.gov/releases/g17/CapNotes.htm for an explanation of how the Federal Reserve gets these numbers.