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To: Skeeter Bug who wrote (129470)	8/1/2001 6:46:39 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 164684

SB - Another analogy - Yesterday, a high quality apple cost $10. Today, the same apple still costs $10, but it has the improved quality of additionally supplying the daily amount of aspirin necessary to reduce the incidence of heart disease. This is definitely a useful improvement. It increases the standard of living. It would seem to be a candidate for hedonic accounting. However, the $10 cost of the apple must cover wages, other production factor prices, and profits. The fact that the improvement in the apple doesn't result in higher total revenues means that it doesn't add to jobs or profits in the economy, and the hedonic accounting would be essentially empty calories. Regards, Don