The growth in international trade has upended traditional ways of understanding national and world economies.
Current economic statistics are not designed to capture many transactions occurring in today’s global economy, which is characterized by rapid shifts in sourcing and technological change.
Susan Houseman has found that resulting biases and data gaps in U.S. statistics have caused economists and policymakers to overestimate productivity in the economy and underestimate the negative effects of the decline in manufacturing on workers.
