The Economics of Standardization: An Update

Peter Swann, Innovative Economics Limited

10/07/2010
(Original Publish Date: 5/27/2010)

Several detailed econometric studies have established a clear connection at a macroeconomic level between standardisation in the economy, productivity growth and overall economic growth. These studies have been carried out for the UK, Germany, France, Canada and Australia. Estimates vary somewhat from study to study, but overall, the growth of the standards catalogue over recent years may account for between one eighth and one quarter of productivity growth over the period. Some recent developments in the literature also offer a (partial) explanation of these effects on growth and productivity.