3 ms·
They use a measure called Multifactor Productivity. From the linked report : Multi-factor productivity (MFP) growth measures the growth of GDP over the combine
by stevetrewick 11y ago
They use a measure called Multifactor Productivity. From the linked report :
Multi-factor productivity (MFP) growth measures the growth of GDP over the combined contributions of total hours, workforce skills, machinery and structures and ICT capital.
From wikipedia [0] :
Multifactor productivity measures reflect output per unit of some combined set of inputs. A change in multifactor productivity reflects the change in output that cannot be accounted for by the change in combined inputs. As a result, multifactor productivity measures reflect the joint effects of many factors including new technologies, economies of scale, managerial skill, and changes in the organization of production.
[0] https://en.wikipedia.org/wiki/Multifactor_productivity https://en.wikipedia.org/wiki/Multifactor_productivity