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Total Factor Productivity (TFP)

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PPGPortal > Home > Concept Dictionary > T, U, V > Total Factor Productivity (TFP)
 
Total Factor Productivity (TFP)

Any effects in output that are not caused by identifiable inputs are said to be caused by changes in total factor productivity.

(Peter Dungan, Toronto  PPG1002H and Principles of Macroeconomics by Mankiw, Kneebone, McKenzie and Rowe.)

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TFP is sometimes described the “residual” cause of productivity changes and measures changes in productivity that cannot be explained by changes in the other inputs. TFP growth in advanced economies such as Canada is mostly driven by the advance of technology.
     
Total Factor Productivity (TFP)

Any effects in output that are not caused by identifiable inputs are said to be caused by changes in total factor productivity.

(Peter Dungan, Toronto  PPG1002H and Principles of Macroeconomics by Mankiw, Kneebone, McKenzie and Rowe.)

---------------------------------

TFP is sometimes described the “residual” cause of productivity changes and measures changes in productivity that cannot be explained by changes in the other inputs. TFP growth in advanced economies such as Canada is mostly driven by the advance of technology.

Approved for glossaryposting by Ben Eisen on February 27, 2011


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