Total Factor Productivity: Macroeconomic And Structural Aspects Of The Slowdown

Topics:
Organization
Tags:
OECD,
Total Factor Productivity,
Total Factor Productivity Growth
Source:
Organisation for Economic Co-operation and Development (OECD)

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Overview: The focus of this paper is on developments in Total Factor Productivity (TFP) in OECD countries since the 1960s. TFP growth is defined here as that portion of real output growth which is not accounted for by increase in inputs of labour and capital, the two most fundamental factors of production. In this sense, TFP growth is a measure of the gains in the efficiency of production, i.e. over the medium and longer term it can be taken as a measure of technological progress, but over shorter periods it is also affected by other factors such as managerial efficiency, capacity utilization, work habits and even the weather.

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Format: PDF | Size: 740KB | Date: Aug 2005 | Pages: 50

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