A Criticism of the Concept and Measure for Total Factor Productivity
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.
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Volume (Year): (2008)
Issue (Month): 3 ()
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- Moses Abramovitz, 1956. "Resource and Output Trends in the United States Since 1870," NBER Books, National Bureau of Economic Research, Inc, number abra56-1, October.
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- Abramovitz, Moses & David, Paul A, 1973. "Reinterpreting Economic Growth: Parables and Realities," American Economic Review, American Economic Association, vol. 63(2), pages 428-39, May.
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