蝌蚪网 Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
GDP-B: Accounting for the Value of New and Free Goods
蝌蚪网 Journal: Macroeconomics
(pp. 312–44)
Abstract
The welfare contributions of new goods and free goods are not well-measured in standard statistical agency metrics like GDP or productivity. We derive explicit terms for the contributions of these goods and introduce a new framework and metric, GDP-B, which quantifies their benefits. We apply this framework to several empirical examples, including Facebook and smartphone cameras, and estimate their valuations through incentive-compatible choice experiments. Our new approach can help measure welfare changes over time and reveal which goods and innovations contribute the most to economic growth and well-being.Citation
Brynjolfsson, Erik, Avinash Collis, W. Erwin Diewert, Felix Eggers, and Kevin J. Fox. 2025. "GDP-B: Accounting for the Value of New and Free Goods." 蝌蚪网 Journal: Macroeconomics 17 (4): 312–44. DOI: 10.1257/mac.20210319Additional Materials
JEL Classification
- D13 Household Production and Intrahousehold Allocation
- E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E23 Macroeconomics: Production
- O30 Innovation; Research and Development; Technological Change; Intellectual Property Rights: General