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Total Factor Productivity (TFP) is a crucial concept in the study of economic growth and development because it captures the efficiency with which inputs are transformed into outputs, beyond mere increases in labor and capital. Measuring TFP is essential for understanding the sources of growth in an economy, whether they stem from capital accumulation, labor expansion, or technological and efficiency improvements. Various approaches have been developed to measure TFP, each with its own assumptions, advantages, and limitations. Broadly, these approaches can be categorized into growth accounting methods, econometric methods, and index number approaches. The growth accounting approach, also known as the Solow residual method, is the ______ _______ __________ _________ ______ ____ _________ ______.
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