Misleading productivity stats on U.S. manufacturing
Last week, we posted a piece that explained why productivity data for U.S. manufacturing is both confusing and inaccurate. The basic problem is that increases in offshoring activity are being recorded as productivity increases.
Tyler Cowen at Marginal Revolution has posted a somewhat technical piece today, but it makes essentially the same point. He cites research by economist Michael Mandel and shows that "productivity statistics aren’t well set up to cover outsourcing."
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