2013-02-24 —

``Haering and Douglas also argue the measures of economic success are biased. A meticulous investigation into the way the United States calculates its Gross Domestic Product shows that the official measure is overstated. A notable example is the biased estimate of quality improvements, which lowers reported inflation rates and increases real GDP. The book cites academic research estimating that this "quality inflation" explains about 20 percent of the reported gap between American and European productivity.''

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