Over the past decades, the majority of information and communication technology (ICT) products have undergone rapid technical change. To the extent that such technical progress benefits consumers and users, quality improvements should be reflected in official price and quantity indices. When...

Productivity growth is the main driver of living standards. But productivity has slowed down over the past decade, starting already before the crisis. This paper shows that this is linked to a slowdown in the diffusion of global frontier innovations to other firms and difficulties in...

We show how technical change, measured as a shift in the GDP function, is combined with net income to track welfare change. This provides a bridge between the productivity literature and the welfare-related literature that tends to reason in terms of net product functions: although the relevant...