Economics focus: Getting a grip on prosperity

摘要

Arguing that America is ill served by its economic statistics has become fashionable. Stodgy old nationalincome accounts are said to do a poor job of measuring the modern "knowledge" economy. They are especially bad at picking up firms' "intangible" investments, such as building brands or training staff. Measure this spending properly, the argument runs, and America's true economic health would be revealed. Investment and output growth would be higher; the pesky external deficit would be lower. As Business Week put it recently, the "unmasked" American economy is "a lot stronger than you think". Really? It would certainly be convenient if America's much-vaunted macroeconomic weaknesses (a falling saving rate, over-reliance on foreign borrowing to finance consumption) were mere statistical mirages. Unfortunately, things are not so simple. Although measuring intangibles does change the picture of America's economy, it does not necessarily improve it.