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Diane Publishing Books
Total Factor Productivity Growth in Historical Perspective
Robet Shackleton (au)
Over the past century or more, gains in total factor productivity (TFP) have accounted for well over half the growth in measured U.S. labor productvity (output per hour of work) -- that is, they have contributed more to the measured growth of labor productivity than has growth in the amount of capital per worker -- and they are likely to be critical for future economic growth as well. This study reviews the broad contours of TFP growth in the U.S. economy since 1870, highlighting the contribution of various technological innovations to the growth of different sectors of the economy. It also notes the correlation between TFP growth and improvements in general health and well-being as reflected in changes in life expectancy. Finally, the study discusses the potential for continued growth in TFP in the future. Tables and figures. This is a print on demand report.
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