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Total Factor Productivity
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally measured inputs of labour and capital used in production. TFP is calculated by dividing output by the weighted geometric average of labour and capital input, with the standard weighting of 0.7 for labour and 0.3 for capital. Total factor productivity is a measure of productive efficiency in that it measures how much output can be produced from a certain amount of inputs. It accounts for part of the differences in cross-country per-capita income. For relatively small percentage changes, the rate of ''TFP'' growth can be estimated by subtracting growth rates of labor and capital inputs from the growth rate of output. Background Technology growth and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Growth Accounting
Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy. Growth accounting decomposes the growth rate of an economy's total output into that which is due to increases in the contributing amount of the factors used—usually the increase in the amount of capital and labor—and that which cannot be accounted for by observable changes in factor utilization. The unexplained part of growth in GDP is then taken to represent increases in productivity (getting more output with the same amounts of inputs) or a measure of broadly defined technological progress. The technique has been applied to virtually every economy in the world and a common finding is that observed levels of economic growth cannot be explained simply by changes in the stock of capital in the economy or population and labor force growth rates. Hence, technologi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quarterly Journal Of Austrian Economics
The ''Quarterly Journal of Austrian Economics'' is a quarterly peer-reviewed academic journal covering heterodox economics published by the Ludwig von Mises Institute.Lee, Frederic S., and Cronin, Bruce C. (2010)"Research Quality Rankings of Heterodox Economic Journals in a Contested Discipline."'' American Journal of Economics and Sociology''. 69(5): 1428 It was established in 1998 after the Murray Rothbard-created publication, ''The Review of Austrian Economics'', was transferred to other editors and then to George Mason University. main page at website. The journal covers economics from an |
List Of Production Functions
This is a list of production functions that have been used in the economics literature. Production functions are a key part of modelling national output and national income. For a much more extensive discussion of various types of production functions and their properties, their relationships and origin, see Chambers (1988) and Sickles and Zelenyuk (2019, Chapter 6). The production functions listed below, and their properties are shown for the case of two factors of production, capital (K), and labor (L), mostly for heuristic purposes. These functions and their properties are easily generalizable to include additional factors of production (like land, natural resources, entrepreneurship, etc.) Technology There are three common ways to incorporate technology (or the efficiency with which factors of production are used) into a production function (here ''A'' is a scale factor, ''F'' is a production function, and ''Y'' is the amount of physical output produced): * Hicks-neutral t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity Paradox
The productivity paradox refers to the slowdown in productivity growth in the United States in the 1970s and 1980s despite rapid development in the field of information technology (IT) over the same period. The term was coined by Erik Brynjolfsson in a 1993 paper ("The Productivity Paradox of IT") inspired by a quip by Nobel Laureate Robert Solow "You can see the computer age everywhere but in the productivity statistics." For this reason, it is also sometimes also referred to as the Solow paradox. The productivity paradox inspired many research efforts at explaining the slowdown, only for the paradox to disappear with renewed productivity growth in the developed countries in the 1990s. However, issues raised by those research efforts remain important in the study of productivity growth in general, and became important again when productivity growth slowed around the world again from the 2000s to the present day. Thus the term "productivity paradox" can also refer to the more gene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity Model
Productivity in economics is usually measured as the ratio of what is produced (an aggregate output) to what is used in producing it (an aggregate input). Productivity is closely related to the measure of production efficiency. A productivity model is a measurement method which is used in practice for measuring productivity. A productivity model must be able to compute ''Output / Input'' when there are many different outputs and inputs. Comparison of the productivity models The principle of comparing productivity models is to identify the characteristics that are present in the models and to understand their differences. This task is alleviated by the fact that such characteristics can unmistakably be identified by their measurement formula. Bases on the model comparison, it is possible to identify the models that are suited for measuring productivity. A criterion of this solution is the production theory and the production function. It is essential that the model is able to desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Widget (economics)
The word ''widget'' is a placeholder name for an object or, more specifically, a mechanical or other manufactured device. It is an ''abstract unit of production''. The ''Oxford English Dictionary'' defines it as "An indefinite name for a gadget or mechanical contrivance, esp. a small manufactured item" and dates this use back to 1931. It states that the origin is "perhaps U.S." and for etymology suggests that it may be a variant of ''gadget''. The term also appears earlier in George S. Kaufman and Moss Hart's 1924 play '' Beggar on Horseback''. General Motors Corporation sponsored a short film in 1939, "Round and Round", which features widgets throughout. Usage When discussing a hypothetical situation, the term is used to represent any type of personal property, with the corresponding term Blackacre used to represent any type of real property. In such use, the widget or Blackacre has whatever characteristics are relevant to the scenario. So, if the object being discussed nee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Units Of Measurement
A unit of measurement, or unit of measure, is a definite magnitude (mathematics), magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same kind of quantity. Any other quantity of that kind can be expressed as a multiple of the unit of measurement. For example, a length is a physical quantity. The metre (symbol m) is a unit of length that represents a definite predetermined length. For instance, when referencing "10 metres" (or 10 m), what is actually meant is 10 times the definite predetermined length called "metre". The definition, agreement, and practical use of units of measurement have played a crucial role in human endeavour from early ages up to the present. A multitude of System of measurement, systems of units used to be very common. Now there is a global standard, the International System of Units (SI), the modern form of the metric system. In trade, weights and measures are often a su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Controversy
The Cambridge capital controversy, sometimes called "the capital controversy"Brems (1975) pp. 369–384 or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that started in the 1950s and lasted well into the 1960s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution.Tcherneva (2011) The name arises from the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology, in Cambridge, Massachusetts, United States. The English side is most often labeled " post-Keynesian", while some call it " neo-Ricardian", and the Massachusetts side " neoclassical". Most of the debate is mathematical, while some maj ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Useful Energy
Exergy, often referred to as "available energy" or "useful work potential", is a fundamental concept in the field of thermodynamics and engineering. It plays a crucial role in understanding and quantifying the quality of energy within a system and its potential to perform useful work. Exergy analysis has widespread applications in various fields, including energy engineering, environmental science, and industrial processes. From a scientific and engineering perspective, second-law-based exergy analysis is valuable because it provides a number of benefits over energy analysis alone. These benefits include the basis for determining energy quality (or exergy content), enhancing the understanding of fundamental physical phenomena, and improving design, performance evaluation and optimization efforts. In thermodynamics, the exergy of a system is the maximum useful work that can be produced as the system is brought into equilibrium with its environment by an ideal process. The specificat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
