GDP-B: Accounting for the Value of New and Free Goods

• 成果类型: Article
• 署名作者: Brynjolfsson, Erik; Collis, Avinash; Diewert, W. Erwin; Eggers, Felix; Fox, Kevin J.
• 署名单位: Stanford University; Stanford University; National Bureau of Economic Research; Carnegie Mellon University; University of British Columbia; University of New South Wales Sydney; Copenhagen Business School; University of New South Wales Sydney
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210319
• 发表日期: 2025
• 关键词: CONSUMERS-SURPLUS; welfare; GROWTH; price; valuation; demand

摘要

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. (JEL D13, E01, E23, O30)