Factor Productivity

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August 31, 2024 4 min read Definitions

Factor Productivity: Understanding and Maximizing Efficiency

Economics Finance Factor Productivity Labour Productivity Efficiency Economic Growth Technical Knowledge

Factor Productivity refers to the output of a plant, firm, or industry per unit of factor input, focusing on labour or land. It highlights the efficiency and performance in producing goods or services.

August 31, 2024 4 min read Definitions

Hicks-Neutral Technical Progress: An Overview of Balanced Factor Productivity

Economics Finance Statistics Technical Progress Factor Productivity Economic Growth Production Functions Hicks-Neutrality

Hicks-neutral technical progress refers to a type of technical advancement where the average and marginal products of all production factors increase in the same proportion, maintaining balanced productivity. This concept is fundamental in economics, particularly in the study of growth models and production functions.