Measuring productivity value achieved by technical progress

Tim Miller is taking part in a symposium organised by the Institute of Engineering and Technology (IET) on how improvements in technology and falling prices can be better reflected in measures of productivity.  As prices for electronics and computers fall, while their capabilities rise, standard measures of productivity and wealth – such as GDP – will appear to fall, despite welfare rising at an unprecedented rate.  The symposium, consisting of delegates from the IET, ONS, academic economists and industry leaders, will develop new ways of measuring productivity gains to ensure the roles played by the UK’s tech industries in the national economy are not underestimated.