Economic Growth: Measurement
نویسنده
چکیده
The history of economic growth measurement has been one of intimate interplay with economic theorizing, leading from improvements in the accuracy and relevance of growth data, to hypotheses on the critical sources of economic growth, to explaining deep changes in the structure of national economies. Total factor productivity (TFP), previously a measurement residual to be minimized, has since been reinterpreted, and has emerged as the key driver for economic growth. Ideas—scientific and engineering knowledge, R&D, expertise—constitute the prime candidates for explaining TFP, but the supporting empirical evidence remains weak.
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