Martin Fedstein thinks the dollar no longer works?

Mark Perry reports on Martin Feldstein's op ed. Subject: the failure of GDP measurement to capture all the value in the economy.  Te dollar no longer measures, we have a pricing inefficiency problem, the theory says. In short:

In short, there is no way to know how much of each measured price increase reflects quality improvements and how much is a pure price increase. Yet the answers that come out of this process are reflected in the CPI and in the government’s measures of real growth. This is why we shouldn’t place much weight on the official measures of real GDP growth. It is relatively easy to add up the total dollars that are spent in the economy—the amount labeled nominal GDP. Calculating the growth of real GDP requires comparing the increase of nominal GDP to the increase in the price level. That is impossibly difficult.

So, my question, hos does the economy price quality?  It must have a unit of account somewhere? Here is one answer:

Big Business Is Getting Bigger - FiveThirtyEight

Andrew Flowers report that the size of private corporations are getting larger, so that allows them to use an internal unit of account.  But is not just the private sector, the government enterprises grew enormously in the early 2000s, crowding out the ability of the fed to set rates. Obamacare has grown the government health industrurt by six fold, at least.  Hospital systems are undergoing mergers and concentration.  The doubling of the nation debt has virtually required that Goldman Sachs take over the government debt industry.

It is measurement theory.  Mark Perry can no more make a theory about quality unless quality is measured, otherwise it is non existent.   SO, the economy is trying to escape from the inefficient dollar.

That means banker bot and smart card.

The mad dash by Apple, Google, PayPal, CardLogix, the Merchant exchange group, and just about every consumer in the USA is demanding these new currencies and smart cards.  The pressure on Silicon Valley to get this done is enormous.  The SP500 is being put under a bitcoin like accounting system.  The use of points, value points, discounts, flyer miels and all these supplemental currencies is rising faster than Silicon Valley can produce banker bot. Government and their fiat bankers have moved off the grid and will have a hard time restoring their tax currencies.