Total factor productivity
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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.)
