In a Typical Aggregate Production Function, Total Factor Productivity Denotes

question 32

Essay

In a typical aggregate production function, total factor productivity denotes the quantity of aggregate output
that we cannot explain solely by the contributions of the labour and capital inputs. a)In reality, what explains
total factor productivity and its movements over time? b)Discuss the problems we might face in trying to
measure the factors contributing to changes in productivity over time.

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