Of economics and statistics: the “Gerschenkron effect”
Keywords:Measurement, production, Gerschenkron effect
The “Gerschenkron effect” refers to the purported biases of early-weighted and late-weighted indices of production. If production is properly measured in what economists mean by “real” terms, the “Gerschenkron effect” does not exist at all.
JEL codes: C19, C43, N00
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