Book Synopsis
Since at least the mid-1980s, economists have toiled steadily at improving price
indexes for high tech goods and services. The first fruits of this effort were seen in
computers.1 The use of quality-adjusted price indexes (primarily hedonic price indexes)
for computing equipment has now been institutionalized in the national income accounts
of the United States and other industrialized nations, and has radically altered our
understanding of the macroeconomics of growth and productivity improvement over the
last two decades.