Ernst R. Berndt

Jack E. Triplett

English

Research Papers in Economics

This PDF is a selection from an out-of-print volume from the National Bureau
of Economic Research
Volume Title: Fifty Years of Economic Measurement: The Jubilee of the
Conference on Research in Income and Wealth
Volume Author/Editor: Ernst R. Berndt and Jack E. Triplett, editors
Volume Publisher: University of Chicago Press
Volume ISBN: 0-226-04384-3
Volume URL: http://www.nber.org/books/bern91-1
Conference Date: May 12-14, 1988
Publication Date: January 1991
Chapter Title: Introduction to "Fifty Years of Economic Measurement: The
Jubilee of the Conference on Research in Income and Wealth"
Chapter Author: Ernst R. Berndt, Jack E. Triplett
Chapter URL: http://www.nber.org/chapters/c5970
Chapter pages in book: (p. 1 - 2)Introduction 
Ernst R. Berndt and Jack E. Triplett 
This volume contains papers presented at a conference in May 1988 in Wash- 
ington, D.C., commemorating the fiftieth anniversary of the founding of the 
Conference on Research in Income and Wealth (CRIW). As is apparent from 
Carol S. Carson’s early history of the CRIW, the celebration itself was late. A 
proper  observation of  the  actual anniversary date would  have occurred a 
couple of years earlier. It is also true that the publication date for this anniver- 
sary volume prolongs the anniversary interval yet more, for despite the avail- 
ability of  modem computerized publication technology, the present editors 
have failed to duplicate Milton Friedman’s editorial feat of bringing into pub- 
lication the first three volumes of the Studies in Income and Wealth series in 
the same year in which each of those conferences was held. Future historians 
may determine whether this is evidence of a decline in efficiency, of increased 
consumption on the job, of substitution of capital (quality) for labor (quality), 
or of some as yet undetermined measurement error. 
The call for papers emphasized assessments of  broad topics in economic 
measurement, both conceptual and pragmatic. The organizers desired (and 
succeeded in obtaining) a mix of papers that, first, illustrate the range of mea- 
surement issues that economics as a science must confront and, second, mark 
major milestones of CRIW accomplishment. The papers concern prices and 
output (Griliches, Pieper, Triplett) and also the major productive inputs, capi- 
tal (Hulten) and labor (Hamermesh). Measures of saving, the source of capital 
accumulation, are covered in one paper (Boskin); measuring productivity, the 
source of  much of  the growth in per capita income, is reviewed in another 
(Jorgenson). The use of  economic data in economic policy analysis and in 
regulation are illustrated in a review of measures of tax burden (Atrostic and 
Nunns) and in an analysis of  the data needed for environmental regulation 
(Russell and Smith); the adequacy of data for policy analysis is evaluated in a 
1 2  Introduction 
roundtable discussion (chapter 12) involving four distinguished policy ana- 
lysts with extensive government experience in Washington and Ottawa. 
Some of the papers present historical assessments (relevant to a fiftieth an- 
niversary occasion). Others, consistent with our belief that the need for re- 
search on measurement in economics has in no way been diminished by the 
substantial progress that has occurred over 50  years, examine developing 
needs for data and work yet to be done in economic measurement. The reader 
can determine the quality and usefulness of the contents of  this volume, but 
we are pleased that it contains both historical and forward-looking papers on 
economic measurement, as befits the jubilee celebrated in Washington in May 
1988. 
Perhaps the high point of the jubilee was a luncheon honoring individuals 
and institutions that participated in the first Income and Wealth conference 
held December 1936/January 1937. Remarks of six economists who attended 
that first meeting are contained in the edited transcript of the luncheon that is 
part of the present volume. Also attending the luncheon were thirteen other 
individuals whose writings appear in the first five volumes of Studies in In- 
come and Wealth. One forms the conclusion that working in the area of eco- 
nomic measurement is conducive to longevity. Another conclusion is that, in 
the days when the CRIW had its beginning, economic measurement occupied 
some of the best minds in economics, as perusal of the distinguished careers 
of the honored guests at this special luncheon will prove. The transcript of the 
luncheon provides a unique tie to the past and an inspiration for the future. 

Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth

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