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Prices of High-Tech Products, Mismeasurement, and Pace of Innovation
Two recent papers have made compelling cases that mismeasurement of prices of high tech products cannot explain the slow pace of labor productivity growth that has prevailed since the mid-2000s. Does that result indicate that mismeasurement of high-tech products has limited implications for patterns of economic growth? The answer in this paper is "no." We demonstrate that the understatement of price declines for high-tech products in official measures has a dramatic effect on the pattern of MFPdoi:10.3386/w23369 fatcat:u4svpk3xezgkdkiejyux4uy6su