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How Should We Measure the Digital Economy?

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Suppose we make you an offer. You give up access to Google search for one month, and we pay you $10. No? How about $100? $1,000? What would we need to pay you to forgo access to Wikipedia? Your answer can help us understand the value of the digital economy. In 2018, Americans spent an average of 6.3 hours a day on digital media—not just Google and Wikipedia but social networks, online courses, maps, messaging, videoconferencing, music, smartphone apps, and more. Digital media consumes a large and growing share of our waking lives, but these goods and services go largely uncounted in official measures of economic activity such as GDP and productivity (which is simply GDP per hour worked). We listen to more and better music, navigate with ease, communicate with coworkers and friends in a rich variety of ways, and enjoy myriad other benefits we couldn’t have imagined 40 years ago. But if you were to look only at GDP numbers, you’d think that the digital revolution never happened. The cont

Economics How Should We Measure the Digital Economy? Focus on the value created, not just the prices paid. by Erik Brynjolfsson and Avinash Collis From the Magazine (November–December 2019) Nick Smith Summary . Digital media consumes a large and growing share of our waking lives, but these goods and services go largely uncounted in GDP. That’s because the measure is based on what people pay for ... more Leer en español Ler em português Post Post Share Save Get PDF Buy Copies Print Suppose we make you an offer. You give up access to Google search for one month, and we pay you $10. No? How about

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