About 12 years ago on an old blog of mine, I asserted that GDP was being measured incorrectly as was much of the rest of the economy, and that productivity growth was a good bit higher than estimated. Everyone (including an actual economist) piled on telling me how crazy and wrong I was.

Well, I was right.

Interesting report by @d_harrison on how US official statisticians are abandoning techniques of the 20th century to keep up with new retail and production structure. Result is to lower price estimates and raise productivity growth. https://t.co/hjrh8vIw7F pic.twitter.com/k9pyatg4W7

— Adam Tooze (@adam_tooze) May 3, 2019

This has been bloody obvious to anyone paying a bit of attention, but economics, to the extent that it is worth anything at all, is always about two decades behind the times.

I do indeed like being right.