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A New Approach to Measuring a Multidimensional Productivity Index: An Application for 60 Selected Countries

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  • Donghun Kim
  • Dongwon Lee
  • Kap-Young Jeong

Abstract

This study aims to develop a productivity index which takes into account the multidimensional characteristics of productivities. Our multidimensional productivity index (MPI) not only measures individual productivities of economic resources but also evaluate productivity enhancing general capacities of economy. Individual productivity indices such as labor productivity are limited because they do not consider the factors, such as the globalization of economies and the market and institutional variables, that could have profound impacts on productivity. The multidimensional Productivity Index (MPI) is measured for 60 countries including 23 OECD countries and 10 Asian countries. Our methodology employs the concept of technical efficiency that allows us to measure the extent to which institutional and market factors contribute to the economic performance. Our findings indicate that standard productivity measures such as labor productivity may overestimate the overall productivity differences across the economies.

Suggested Citation

  • Donghun Kim & Dongwon Lee & Kap-Young Jeong, 2018. "A New Approach to Measuring a Multidimensional Productivity Index: An Application for 60 Selected Countries," Global Economic Review, Taylor & Francis Journals, vol. 47(3), pages 270-288, July.
    • Handle: RePEc:taf:glecrv:v:47:y:2018:i:3:p:270-288
    DOI: 10.1080/1226508X.2018.1455526
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    Cited by:

    1. Jieun Lee, 2022. "Moral Hazard on Productivity Among Work-From-Home Workers Amid the COVID-19 Pandemic," Papers 2209.05684, arXiv.org.
    2. Md Harun Or Rosid & Zhao Xuefeng & Sk Alamgir Hossain & Mohammad Raihanul Hasan & Md Reza Sultanuzzaman, 2021. "The Impact of GDP on Cross-Country Efficiency in Wealth Maximization: a Joint Analysis Through the Stochastic Frontier and Generalized Method of Moments," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 11(1), pages 1-6.

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