Total Factor Productivity
Total Factor Productivity
A Short Biography
This chapter is a biography of the total factor productivity (TFP) residual. It provides an overview of the evolution of nonparametric productivity analysis; discusses the main problems that currently beset the field, such as the difficulty in accounting for quality change; and presents an overall assessment of the strengths and weaknesses of the TFP residual as a tool for understanding the factors underlying long-term trends in economic growth. The chapter, which is intended to serve as an introduction to the conference proceedings, provides an illuminating analysis of the survival of the residual as the main workhorse of empirical growth analysis. A commentary is also included at the end of the chapter.
Keywords: total factor productivity, nonparametric productivity analysis, quality change, economic growth
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