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National Bureau of Economic Research Monograph
American business has recently been under fire, charged with inflated pricing and an inability to compete in the international marketplace. However, the evidence presented in this volume shows that the business community has been unfairly maligned—official measures of inflation and the standard of living have failed to account for progress in the quality of business equipment and consumer goods. Businesses have actually achieved higher productivity at lower prices, and new goods are lighter, faster, more energy efficient, and more reliable than their predecessors.
Gordon has written the first full-scale work to treat the extent of quality changes over the entire range of durable goods, from autos to aircraft, computers to compressors, from televisions to tractors. He combines and extends existing methods of measurement, drawing data from industry sources, Consumer Reports , and the venerable Sears catalog.
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Bolstering his argument that improved quality must be accurately measured, Gordon notes, for example, that today's mid-range personal computers outperform the multimillion-dollar mainframes of the s. This remarkable book will be essential reading for economists and those in the business community.
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The Measurement of Durable Goods Prices
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Then use it to make money for the rest of your life! Peripherals and Weighting Issues 6. Price Indexes for Personal Computers: A Pilot Study 6. The Postwar Development of the Appliance Industry 7.
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The Sears Catalog and CR 7. Common Features of the Hedonic Regression Equations 7.
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Household Refrigerators and Refrigerator-Freezers 7. Room Air Conditioners 7. Overall Price Indexes and Conclusion 8.
Book Series: National Bureau of Economic Research Monograph
New and Used Automobiles 8. Data Used in the Hedonic Regression Study 8. Regression Estimates for New Cars 8. Hedonic Regression Estimates for Used Cars 8.
Discounting, Premia, and the "Transaction Price Proxy" 8. The "Final Alternative" Index 8.
Comparisons of "Closely Similar" Models 8. Telephone Transmission and Switching Apparatus 9. Other Types of Communication Equipment 9. Sources for the Pricing of Numerous Products The Colorful History of the Sears Catalog Advantages and Disadvantages Catalog Price Index Methodology Office, Computing, and Accounting Machinery Fabricated Metal Products Engines and Turbines General Industrial Equipment Electrical Transmission, Distribution, and Industrial Equipment Furniture and Fixtures The object of the National Bureau of Economic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner.
Publication does not, however, imply that each member of the Board has read the manuscript, or that either members of the Board in general, or of the special committee, have passed upon its validity in every detail. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object. To this end the Board of Directors shall appoint one or more Directors of Research.
The names of the special manuscript committee shall be stated to each Director when the summary and report described in paragraph 4 are sent to him. It shall be the duty of each member of the special manuscript committee to read the manuscript. If each member of the manuscript committee signifies his approval within thirty days of the transmittal of the manuscript, the report may be published.