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Measuring consumption growth: the impact of new and better products *.

Official conduct data put growth in real (that is, inflation-adjusted) consumption by capita at 2.4 percent by year in the United States from 1960 to 2000 (1) If consumer bought a fixed station of constant-quality goods and services above time, then measuring consumption would require simply counting the number of telephone televisions, cars, haircuts, house cleanings, insurance policies, and thus on bought each year. on the contrary goods and services do change above time. Much of consumption expansion involves new varieties of serviceables (for example, cellular phone cable TV subscriptions, of recent origin ...





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