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The U.S. CPI is based on the Laspeyres price index, an index type that has an upward "substitution bias." Thus, the CPI tends to overstate increases in the cost of living. To address this bias, the Advisory Commission to Study the Consumer Price Index recommended adopting for the CPI a "superlative" price index, e.g., the Fisher or Tornqvist indices...


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Service Industries and Economic Performance addresses three questions that have troubled economists for more than a decade: whether service-oriented economies can sustain high rates of output growth; whether they can generate large numbers of good jobs; and whether they can compete effectively in global markets.


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This study assesses the widely-held belief that manufacturing industries are uniquely important to the process of national economic growth. The study’s related purpose is to describe structural changes in the U.S. manufacturing sector and the organization of U.S. manufacturing firms that are helping to determine the pace of economic growth and the creation of economic opportunity. Taken together...


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