Chapter

Total Factor Productivity

Edited by Charles R. Hulten

in New Developments in Productivity Analysis

Published by University of Chicago Press

Published in print August 2001 | ISBN: 9780226360621
Published online February 2013 | e-ISBN: 9780226360645 | DOI: http://dx.doi.org/10.7208/chicago/9780226360645.003.0001
Total Factor Productivity

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This chapter is a biography of the total factor productivity (TFP) residual. It provides an overview of the evolution of nonparametric productivity analysis; discusses the main problems that currently beset the field, such as the difficulty in accounting for quality change; and presents an overall assessment of the strengths and weaknesses of the TFP residual as a tool for understanding the factors underlying long-term trends in economic growth. The chapter, which is intended to serve as an introduction to the conference proceedings, provides an illuminating analysis of the survival of the residual as the main workhorse of empirical growth analysis. A commentary is also included at the end of the chapter.

Keywords: total factor productivity; nonparametric productivity analysis; quality change; economic growth

Chapter.  24163 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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