total factor productivity

Diego Comin
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Total factor productivity (TFP) is the portion of output not explained by the amount of inputs used in production. This article sets out the measurement and importance of TFP for growth, fluctuations and development as well as likely future directions of research.
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See Also

I thank Steven Durlauf for helpful comments.
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How to cite this article

Comin, Diego. "total factor productivity." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 25 May 2015 <http://www.dictionaryofeconomics.com/article?id=pde2008_T000081> doi:10.1057/9780230226203.1719

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