This piece was originally published in the October 2016 issue of electroindustry.
In July 2007, the Conference Board of Canada conducted a study on the value of standardization to the Canadian economy on behalf of the Standards Council of Canada. The study found standardization helped to increase labor productivity by 17 percent between 1981 and 2004, accounting for nearly nine percent of economic growth during that period (“Economic benefits of standards—research reports”).
In June 2015, the Center for Economics and Business Research published a study on the contribution of standardization to the United Kingdom’s economy on behalf of the British Standards Institute. The study concluded in 2012 that standards account for 37.4 percent of UK productivity growth and 28.4 percent of the annual growth in UK GDP, which amounted to £8.2 billion in 2015 (“Economic Value of Standardization”).
Standards Australia produced a research paper in 2012 that found that a one percent increase in the production of standards is associated with a 0.17 percent increase in GDP, which was equal to 2.78 billion Australian dollars in 2009 (“The Economic Benefits of Standardisation”).Read the October 2016 issue of electroindustry.