Statistics Help
Question: What is total factor productivity (TFP)? What are some variables that determine the TFP of a nation? Edit
Answer: It is the measure Measure of the efficiency of all inputs to a production process. Increases in TFP result usually from technological innovations or improvements. It is a variable which accounts for effects in total output not caused by traditionally measured inputs of labor and capital.
TFP is not just determined by technology but also other factors like military spending, or monetary shocks, or the political party in power. Edit
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