Economic Progress

The problem with measuring a 2016 economy using 1940s methods

Silhouetted workers walk in front of office towers in the Canary Wharf financial district in London February 16, 2011. New Bank of England forecasts opened the door on Wednesday for interest rates to rise slowly in Britain but Governor Mervyn King warned against jumping to conclusions about when the central bank would pull the trigger.

Diane Coyle looks at the problem of measuring economies as the world undergoes digital transformation. Image: REUTERS/Luke MacGregor

Diane Coyle
Bennett Professor of Public Policy, University of Cambridge
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Economic Progress

The progress of computing measure in cost per computation per second deflated by the price index for GDP in 2006 prices.
Image: Nordhaus 2008
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