Improving the Economic Measurement Toolkit: Partnerships between Businesses and Federal Statistical Agencies
Businesses and federal statistical agencies have a long history of working together to produce something that is vitally important to both groups: the nation’s economic measurement toolkit.
Steve Landefeld, director of the Commerce Department’s Bureau of Economic Analysis, charted the history of this collaboration and underscored the importance of continuing that partnership during a panel session Tuesday at the National Association for Business Economics’ (NABE) annual meeting in San Francisco.
This public-private partnership has produced concrete results over the years. For example, BEA partnered with IBM to develop a new type of price index that captured the effect of changes in technology. And BEA worked with Chrysler to develop a new price index for motor vehicles. The Chamber of Commerce has also hosted conferences that led to important changes in the way the U.S. and other countries measure their economies. NABE has served as an important forum to spur additional ideas on the measurement front.