Difference between revisions of "Total factor productivity"
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According to [[Macroeconomics by Mankiw (7th edition)]], | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
:[[Total factor productivity]]. A measure of the level of technology; the amount of output per unit of input, where different inputs are combined on the basis of their factor shares. (Cf. Solow residual.) | :[[Total factor productivity]]. A measure of the level of technology; the amount of output per unit of input, where different inputs are combined on the basis of their factor shares. (Cf. Solow residual.) | ||
| + | According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], | ||
| + | :[[Total factor productivity]] ([[TFP]]). The ratio of the quantity of output produced to the costs of all inputs used, based on current period prices. | ||
| − | [[Category: Economics]][[Category: Articles]] | + | [[Category: Economics]][[Category: Articles]] [[Category: Accounting]] |
Latest revision as of 14:53, 11 July 2020
Total factor productivity is a measure of the level of technology; the amount of output per unit of input, where different inputs are combined on the basis of their factor shares. (Cf. Solow residual.)
Definition
According to Macroeconomics by Mankiw (7th edition),
- Total factor productivity. A measure of the level of technology; the amount of output per unit of input, where different inputs are combined on the basis of their factor shares. (Cf. Solow residual.)
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Total factor productivity (TFP). The ratio of the quantity of output produced to the costs of all inputs used, based on current period prices.
