Standards and the economy
This study looked at both the impact of standardization on the overall economy and benefits of standardization for business. It included:
1. Macro evidence: benefits for the economy
Examined the long-term relationship between standards and economic growth from 1962 to 2003. It concluded that there is a positive relationship of significant economic magnitude between the total factor of productivity and the stock of standards.
If standards are specified as a separate variable, a 1 % increase in the stock of standards is associated with a 0.17 % increase in economy-wide productivity.
Standards act as a means of diffusing knowledge.
2. Micro evidence: benefits for companies
Comprises the case studies of four groups of standards to illustrate the presence and magnitude of their economic impact. The case studies present the following aspects of the economic benefit of standards:
- Dissemination of scientific knowledge and principles
- Productivity gains
- Collation and transmission of valuable information