Topic
Final good
About: Final good is a research topic. Over the lifetime, 504 publications have been published within this topic receiving 10269 citations. The topic is also known as: consumer good & end product.
Papers published on a yearly basis
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Papers
TL;DR: In this paper, the concept, definition and measurement of a service is discussed, and various ways in which services can be classified for purposes of economic analysis are elaborated, and the distinction between private and public goods is re-examined in the light of the general concept of service proposed in the paper.
Abstract: The paper is concerned with the concept, definition and measurement of a service. Although services are often dismissed as immaterial goods, they are not special kinds of goods and belong in a quite different logical category from goods. The search for appropriate units of quantity in which to measure services is not an idle metaphysical pursuit. Without quantity units there can be no prices, and most economic theory becomes irrelevant. Indeed, large parts of economic theory may be irrelevant to the analysis of services anyway, precisely because they are not goods which can be exchanged among economic units. Services are as important as goods in modern developed economies and they need to be identified and quantified properly if the measurement of economic growth and inflation is to have any meaning for the economy as a whole. The concept of a service is explained in some detail in the paper, and various ways in which services can be classified for purposes of economic analysis are elaborated. The distinction between private and public goods, or rather between private and collective services, is re-examined in the light of the general concept of a service proposed in the paper. Externalities are shown to be simply special kinds of services.
852 citations
TL;DR: In this article, the authors explain the theory of cost-of-living indices and demonstrate how new goods should be included using the classical theory of Hicks and Rothbarth and demonstrate that the increase in consumer welfare is only 85% as high with perfect competition so CPI for cereal would still be 20% too high.
Abstract: The Consumer Price Index (CPI) attempts to answer the question of how much more (or less) income does a consumer require to be as well off in period 1 as in period 0 given changes in prices, changes in the quality of goods, and the introduction of new goods (or the disappearance of existing goods) In this paper I explain the theory of cost-of-living indices and demonstrate how new goods should be included using the classical theory of Hicks and Rothbarth The correct price to use for the good in the pre-intro- duction period is a `virtual' price which sets demand to zero Estimation of this virtual price requires estimation of a demand function which in turn provides the expenditure function which allows exact calucation of the cost of living index The data requirements and need to specify and estimate a demand function for a new brand among many existing brands requires extensive data and some new econometric methods which may have proven obstacles to the inclusion of new goods in the CPI up to this point As an example I use the introduction of a new cereal brand by General Mills in 1989-Apple Cinnamon Cheerios I find the virtual price is about 2 times the actual price of Apple Cinnamon Cheerios and that increase in consumer surplus is substantial Based on some simplifying approximations, I find that CPI may be overstated for cereal by about 25% because of its neglect of the effect of new brands When I take imperfect competition into account I find that the increase in consumer welfare is only 85% as high with perfect competition so CPI for cereal would still be 20% too high
663 citations
Abstract: 1. Introduction 2. Problems, Methods and Concepts, Jean Christophe Agnew 3. Goods and Consumption 4. Production and the Meaning of Possessions 5. Literacy and Numeracy 6. The Consumption of Culture: Books and Newspapers 7. Consumption, Objects and Images.
663 citations
TL;DR: In this paper, a dynamic general equilibrium model is developed in which goods are valued according to the characteristics they contain, the set of goods produced in any period is endogenously determined, and learning by doing is the force behind sustained growth.
Abstract: A dynamic general equilibrium model is developed in which goods are valued according to the characteristics they contain, the set of goods produced in any period is endogenously determined, and learning by doing is the force behind sustained growth. It is shown that the set of produced goods changes in a systematic way over time, with goods of higher quality entering each period and those of lower quality dropping out. The model is then used to study the effect of introducing a "traditional" sector in which there is no learning.
579 citations
Posted Content•
TL;DR: In this article, the authors demonstrate the greater role vertical specialization is playing in these increased flows, and they reveal that vertical specialization has accounted for a large and increasing share of international trade over the last several decades.
Abstract: A major feature of globalization has been the enormous increase in international flows of goods and services: countries are now trading much more with each other. In this article, the authors demonstrate the greater role vertical specialization is playing in these increased flows. Vertical specialization occurs when a country uses imported intermediate parts to create a good it later exports - that is, the country links sequentially with other countries to produce a final good. Deriving evidence from four case studies as well as OECD input-output tables, the authors reveal that vertical specialization has accounted for a large and increasing share of international trade over the last several decades. They also note that because the trends encouraging vertical specialization - lower trade barriers and improvements in transportation and communications technologies - are likely to continue, this type of international trade should become even more prevalent in the next century.
562 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2023 | 2 |
| 2022 | 2 |
| 2021 | 4 |
| 2020 | 12 |
| 2019 | 8 |
| 2018 | 10 |