How the government arrives at its official economic statistics deeply
influences the lives of every American. Social Security payments and
even some wages are linked to import prices through official inflation
rates; special measures of national product are necessary for valid
comparisons of vital social indicators such as relative standards of
living and relative poverty. Poor information can result in poor
policies. And yet, federal statistics agencies have been crippled by
serious budget cuts--and more cuts may lie ahead.
Questioning the quality of current data and analytical procedures, this
ambitious volume proposes innovative research designs and methods for
data enhancement, and offers new data on trade prices and service
transactions for future studies. Leading researchers address the
measurement of international trade flows and prices, including the
debate over measurement of computer prices and national productivity;
compare international levels of manufacturing output; and assess the
extent to which the United States has fallen into debt to the rest of
the world.