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Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. [1]
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...
The productivity-improving technologies are the technological innovations that have historically increased productivity. Productivity is often measured as the ratio of (aggregate) output to (aggregate) input in the production of goods and services. [ 1 ]
The economist Nicholas Oulton, however, argued in a 2001 paper that Baumol effect may counterintuitively result in an increase in aggregate productivity growth. [34] This could occur if many services produce intermediate inputs for the manufacturing sector, i.e. if a significant number of services are business services.
Productivity in economics is usually measured as the ratio of what is produced (an aggregate output) to what is used in producing it (an aggregate input). [1] Productivity is closely related to the measure of production efficiency. A productivity model is a measurement method
Reinsdorf and Yuskavage (2010, p. 88) evaluate several ways to summarize and decompose industry and regional data to national data flows on productivity change: A Domar weighted decomposition of translog aggregate multi-factor productivity growth that includes reallocation effects was developed by Jorgenson, Gollop and Fraumeni (1987, p.
In macroeconomics, aggregate production functions for whole nations are sometimes constructed. In theory, they are the summation of all the production functions of individual producers; however there are methodological problems associated with aggregate production functions, and economists have debated extensively whether the concept is valid. [3]
It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress. At its core, it is an aggregate production function, often specified to be of Cobb–Douglas type, which enables the model "to make contact with microeconomics".