Chapter

Services Productivity in the United States: Griliches's Services Volume Revisited

Barry P. Bosworth and Jack E. Triplett

in Hard-to-Measure Goods and Services

Published by University of Chicago Press

Published in print November 2007 | ISBN: 9780226044491
Published online February 2013 | e-ISBN: 9780226044507 | DOI: http://dx.doi.org/10.7208/chicago/9780226044507.003.0015
Services Productivity in the United States: Griliches's Services Volume Revisited

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This chapter examines problems associated with output measurement in the service industries of the economy, one of the most prominent hard-to-measure sectors. It begins by summarizing what has been learned from a number of the service-sector conferences held at the Brookings Institution over the last few years. These conferences ranged over issues in finance, insurance and banking, health and education, transportation, and trade. These are all sectors in which conventional measures of output are widely viewed as problematic and which Griliches (1994) dubbed as “unmeasurable” sectors. The chapter provides a brief assessment of current procedures for measuring the output of these sectors, and then presents estimates of the contribution of the service industries to the recent growth in overall productivity, which is substantial compared to earlier time periods.

Keywords: output measurement; service industries; Brookings Institution; productivity

Chapter.  14290 words. 

Subjects: Microeconomics

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