The OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity
The measurement of productivity is a complex task. The OECD has recently released a comprehensive manual or guide to the measurement of industry-level and aggregate productivity. In the fifth article, Paul Schreyer from the OECD and the author of the OECD productivity manual provides an overview of the manual. He highlights a number of the key issues addressed in the manual, including: the choice of gross output versus value added productivity measures; the need for independence of output from input measures; the importance of adjusting for quality change in existing goods and accounting for new goods in price indices; methods of capturing the skill composition of labour; measurement of capital input; and the interpretation of productivity measures. In terms of the research and development agenda for productivity statistics, Schreyer identifies four priorities: better price indices for output measures by industry, particularly for high technology industries and difficult-to-measure services industries; better data on hours worked by industry; improvement in the quality of data on capital input; and improved input-output tables.
Volume (Year): 2 (2001)
Issue (Month): (Spring)
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- Diewert, W E, 1992. "The Measurement of Productivity," Bulletin of Economic Research, Wiley Blackwell, vol. 44(3), pages 163-98, July.
- Charles R. Hulten, 2001. "Total Factor Productivity: A Short Biography," NBER Chapters, in: New Developments in Productivity Analysis, pages 1-54 National Bureau of Economic Research, Inc.
- Stefano Scarpetta & Andrea Bassanini & Dirk Pilat & Paul Schreyer, 2000. "Economic Growth in the OECD Area: Recent Trends at the Aggregate and Sectoral Level," OECD Economics Department Working Papers 248, OECD Publishing.
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