The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Total Factor Productivity

  • Diego Comin
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1681

Abstract

Total factor productivity (TFP) is the portion of output not explained by the amount of inputs used in production. This article sets out the measurement and importance of TFP for growth, fluctuations and development as well as likely future directions of research.

Keywords

Endogenous growth Innovation Patents Real business cycles Research and development Solow residual Technology Total factor productivity 

JEL Classifications

O4 
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Notes

Acknowledgment

I thank Steven Durlauf for helpful comments.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Diego Comin
    • 1
  1. 1.