Since 1934, American economists have been tracking growth using Gross Domestic Product. What if everything we think we know about economic growth is wrong?
. Federal Reserve Chairman Jerome Powell raised the possibility that economist may be dramatically understating the value of the free internet.... [+]
Now Powell is beginning to openly question the data. While GDP measures the value of goods and services bought and sold, many of the products central to modern life are not bought and sold at all. These include the free turn-by-turn navigation from Google Maps and almost every song ever recorded, just a swipe away on free YouTube.
Powell is not the first economist to cite Brynjolfsson and wax philosophically about the true value of digital freebies.told an audience
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