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Productivity and the Post-1990 U.S. Economy - Review

The authors show thatignoring corporate intangible investments gives a distorted picture of thepost-1990 U.S. economy. In particular, ignoring intangible investments in thelate 1990s leads one to conclude that productivity growth was modest, corporateprofits were low, and corporate investment was at moderate levels. In fact, thelate 1990s was a boom period for productivity growth, corporate profits, andcorporate investment.

research.stlouisfed.org/.../review/2005/07/01/productivity-and-the-post-1990-u-s-economy

On Defining Real Consumption - Review

The author discusses how theory might be used to better measure the quantities and prices of the commodities aggregated to form real consumption. He thinks a better definition of the real consumption of property and casualty insurance consumption is based upon a gross premium notion. He notes that significantly more resources should be devoted to improving the definition of real consumption in light of modern economic theory—because the social payoff to such an investment would be large, relative to the cost.

research.stlouisfed.org/publications/review/1997/05/01/on-defining-real-consumption