Describe the various approaches to the measurement of total factor productivity

Approaches to the measurement of total factor productivity

Total-factor productivity (TFP) is a variable which accounts for effects in total output not caused by inputs. For example, a year with unusually good weather will tend to have higher output, because bad weather "hinders agricultural output.

A variable like weather does not directly relate to unit inputs, so weather is considered a total-factor productivity variable.

The equation below (in Cobb-Douglas form) represents total output (Y) as a function of total-factor productivity (A), capital input (K), labour input (L), and the two inputs' respective shares of output (a and P are the capital input share of contribution for K and L respectively).

An increase in either A, K or L will lead to an increase in output. While capital and labour input are tangible, total-factor productivity appears to be more intangible as it can range from technology to knowledge of worker (human capital).

Technology Growth and Efficiency are regarded as two of the biggest sub-sections of Total Factor Productivity, the former possessing "special" inherent features such _________ _______ _________ ________ _________ _________ ______.
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