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If we look closely at smartphones Goldman Sachs economists see a hidden growth in productivity and economic performance of United States .
Noting the growing debate over the slowdown in productivity growth in recent years, including whether the measures are accurate, Goldman's economists – including Jan Hatzius, Alec Phillips, and David Mericle – have badyzed iPhones Market not used in eBay .
In their view, the large price declines of older models when new versions are introduced into the market point to unquantified qualitative improvements. This suggests that the annual growth in consumption has been underestimated between 0.05 and 0.15 percentage points over the last ten years.
This, added to the incorrect clbadification of much of the nominal consumption of smartphones in the national accounts, means that the scale of the actual consumption missing by smart phones is "more than 175 billion dollars, "they write. a recent comment.
And with Goldman's opinion that business investment is underestimated this means that economic growth was 0.66 to 0.75 percentage point higher per year. compared to the previous year.
"While all of these numbers are quite uncertain, our badysis and recent advances in the literature increase our belief that the current rate of productivity growth is significantly higher than it is." it seems "they said.
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