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A Criticism of the Concept and Measure for Total Factor Productivity

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  • Rossitsa Rangelova

Abstract

In the new or so called endogenous theory of growth is grounded on the concept of a more precise measurement of technological progress. In connection to this a critical assessment is made of the measure of total factor productivity (TFP) from a current position, which is in the grounds in the neoclassical model of economic growth. Analyzed is the nature of this measure with the purpose of showing the unrealistic basis on which the concept is formed. Examined are the theoretical and applied weaknesses of TFP.

Suggested Citation

  • Rossitsa Rangelova, 2008. "A Criticism of the Concept and Measure for Total Factor Productivity," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 30-49.
  • Handle: RePEc:bas:econth:y:2008:i:3:p:30-49
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    References listed on IDEAS

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    1. E. S. Phelps, 1966. "Models of Technical Progress and the Golden Rule of Research," Review of Economic Studies, Oxford University Press, vol. 33(2), pages 133-145.
    2. Maddison, Angus, 1987. "Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 649-698, June.
    3. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1, January.
    4. Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Books, National Bureau of Economic Research, Inc, number abra56-1, January.
    5. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    6. Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Chapters,in: Resource and Output Trends in the United States Since 1870, pages 1-23 National Bureau of Economic Research, Inc.
    7. Abramovitz, Moses & David, Paul A, 1973. "Reinterpreting Economic Growth: Parables and Realities," American Economic Review, American Economic Association, vol. 63(2), pages 428-439, May.
    8. Zvi Griliches, 1996. "The Discovery of the Residual: A Historical Note," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1324-1330, September.
    9. Musgrave, Alan, 1981. "'Unreal Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos, Wiley Blackwell, vol. 34(3), pages 377-387.
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    Cited by:

    1. Garabed Minassian, 2008. "Is Bulgarian Economy Overheating?," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 21-46.

    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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