This is an old VoxEU article that has been sitting unread in my browser for some time. It is worth reading:
Measuring the welfare gain from new goods
New goods are constantly introduced. Some have a major impact, others little. Consider the recent case of the Apple iPhone. How much has the iPhone improved your welfare? If [...]
When I first started reading and writing on inequality, one of the first conceptual issues that came up which I was unable to satisfactorily resolve was how to assign technological developments to which part of my estimates. I assumed people smarter than me had a good way of figuring this out, but never came across [...]
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