Quotation of the Day…

by Don Boudreaux on February 19, 2014

in Data, Growth, Innovation, Prices, Seen and Unseen, Standard of Living

… is from page 120 of Diane Coyle’s 2014 book, GDP:

The constant improvements in the quality of products as well as the introduction of new goods and services over time have made it ever harder to calculate a meaningful general price level: today’s laptop is a vastly different machine from one bought just a few years ago for the same price, and the price of computing was infinite a few decades ago because computers did not exist.  It is hard to capture this transformation in a single price index.

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