Economists measure the total factor productivity of agriculture and by this measure agriculture in the United States is roughly 1.7 times more productive than it was in 1948.
22.
Total factor productivity measures output per unit of labor and profit per unit of capital . ( Capital is essentially an investment in plant, equipment, machinery and technology ).
23.
For example, some economists find strong evidence of how relative price volatility affect sectoral allocation of investment away from what total factor productivity ( TFP ) differences would indicate.
24.
The first set of plans were approved by Shaukat Aziz in 2005-10 and incorporated a shift towards the competitiveness through higher private-sector investment and to improve total factor productivity.
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But Japan's total factor productivity, the broadest measure, is now growing by only about one-half of one percent per year, much less than half the level of the United States.
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Their analysis is well recognized to have undermined the credibility of econometric estimates of aggregate production functions ( or variants of it ), and of total factor productivity ( TFP)
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But Pimco and a chorus of other economists say that while labor productivity was increasing, " total factor productivity " was basically flat and actually declined in the last year or two.
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As for Malaysia, total factor productivity stands at 30 per cent, he said, stressing that " there is only so much land, labour and capital, but intellectual capital has no limits ."
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He said that the large plantation-style slave farms ( 16 + slaves ) were the most efficient, having a Total Factor Productivity ratio ( A i / A j ) to be around 1.33.
30.
An increase in output, or economic growth, can only occur because of an increase in the capital stock, a larger population, or technological advancements that lead to higher productivity ( total factor productivity ).
