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.
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Acknowledgment
I thank Steven Durlauf for helpful comments.
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Comin, D. (2018). Total Factor Productivity. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1681
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1681
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