How important are capital and total factor productivity for economic growth?
Read Online
Share

How important are capital and total factor productivity for economic growth? by Scott L. Baier

  • 910 Want to read
  • ·
  • 85 Currently reading

Published by Federal Reserve Bank of Atlanta in [Atlanta, Ga.] .
Written in English

Subjects:

  • Economic development.,
  • Capital.,
  • Factors of production.

Book details:

Edition Notes

StatementScott L. Baier, Gerald P. Dwyer Jr., and Robert Tamura.
SeriesWorking paper series / Federal Reserve Bank of Atlanta ;, 2002-2a, Working paper series (Federal Reserve Bank of Atlanta : Online) ;, 2002-2a.
ContributionsDwyer, Gerald P., Tamura, Robert., Federal Reserve Bank of Atlanta.
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL3477370M
LC Control Number2005617051

Download How important are capital and total factor productivity for economic growth?

PDF EPUB FB2 MOBI RTF

  Abstract. The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on countries that span more than one hundred years for twenty-four of these by: Much of the importance of the variance of TFP growth appears to be associated with negative TFP growth. JEL classification: O47, O50, O57, O30, N Key words: economic growth, capital, human capital, total factor productivity, growth accounting. Downloadable (with restrictions)! We examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on countries that spans more than years for 23 of these countries. For all countries, only 14% of average output growth per worker is associated with TFP growth. Assumptions of constant returns to scale and competitive factor markets make it possible to calculate the growth rate of output implied by the growth of physical and human capital; deviations of actual output from this implied growth rate are due to changes in technology, institutional change, failure of the twin assumptions of constant returns.

  Published: 17 May How important are human capital, physical capital and total factor productivity for determining state economic growth in the United States, –? Request PDF | How Important are Human Capital, Physical Capital and Total Factor Productivity for Determining State Economic Growth in the United States, ? | . Kanokwan C. et al.: Explaining Economic Growth and Total Factor Productivity in Thailand also attempted to test whether TFP, production growth less of labor and capital productivity potential of technology. This would mean the adoption of technology that could lead to economic growth if workers had technological absorbing capacity. The. macroeconomics considering capital and labor as production factors. 𝑌𝑡=𝐴𝑡 𝑡 𝑎 𝑡 1−𝛼 (1) where 𝑌𝑡, 𝑡 and 𝑡 are output (real GDP), capital input, and labor input, respectively. 𝐴𝑡 denotes the efficiency of capital and labor, namely total factor productivity (TFP).

  In growth theory, changes in output (GDP) are explained through changes of production factors, i.e. changes in labour or capital. Economists consider the residual, i.e. the part of changes in output that one cannot explain with changes of production factors, as total factor productivity (TFP) or technological change. Downloadable! The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output growth per worker is associated with TFP growth. the sources of economic growth. The literature focuses on two sources of growth: factor accumulation (mainly physical capital) and total factor productivity (TFP) growth, presenting inconclusive results as to the relative importance of each. Aim: This article investigates the relative importance of physical capital accumulation and. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Abstract: The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output.