Growth Accounting

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August 31, 2024 4 min read Definitions

Solow Residual: Measurement of Technological Progress

Economics Growth Economics Solow Residual Growth Accounting Technological Progress Economic Growth National Income

The Solow Residual is a measure used in economics to quantify the portion of national income growth that cannot be attributed to the growth of labor and capital, often ascribed to technological progress.

August 31, 2024 4 min read Definitions

Total Factor Productivity (TFP): Comprehensive Definition

Economics Finance Total Factor Productivity TFP Growth Accounting Productivity Economic Efficiency

Total Factor Productivity (TFP) measures the efficiency of all inputs to a production process, playing a critical role in growth accounting analysis by considering both labor and capital inputs.