By Catherine J. Morrison
This textual content is designed to supply a entire consultant to scholars, researchers, or specialists who desire to perform and to interpret analyses of monetary functionality, with an emphasis on productiveness development. The textual content comprises an summary of ordinary productiveness progress dimension recommendations and diversifications, and information construc tion techniques. It is going additional, besides the fact that, via increasing the culture al progress accounting (index quantity) framework to permit think about ation of ways diversified facets of establishment habit underlying productiveness development are interrelated, how they are often measured con sistently in a parametric version, and the way they enable a well-defined decomposition of normal productiveness progress measures. those rules are built through contemplating intimately a couple of underlying theoretical effects and econometric concerns. The affects of assorted construction features on productiveness development developments also are evaluated via overviewing chosen methodological extensions and em pirical facts. extra in particular, within the methodological extensions, emphasis is put on incorporation of expense and insist features, similar to fixity and adjustment bills, returns to scale, and the lifestyles of industry energy, into analyses of productiveness development. those personality istics, quite often ignored in such analyses, may have extremely important affects on construction constitution and company habit, and hence on monetary functionality. in addition they give you the conceptual foundation for vii viii PREFACE measures which are usually used independently as symptoms of monetary functionality, equivalent to funding, capability usage, and revenue measures.
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Additional resources for A Microeconomic Approach to the Measurement of Economic Performance: Productivity Growth, Capacity Utilization, and Related Performance Indicators
Bureau of Labor Statistics. 1) becomes: _ ~ S. 2) j as long as the shares sum to one. ] terms represent the rate of growth of single factor productivity, this makes it clear that multifactor productivity is a weighted average of individual single factor productivity growth measures. Therefore, if all single factor productivity measures grow at the same rate, there is a common rate of productivity growth. l l Otherwise, inputs with a smaller cost share have a smaller impact on the overall productivity growth measure.
The questionable treatment of capital is a serious problem since capital's role in productivity changes - in terms of the impact of capital accumulation, restrictions on adjustment and capacity utilization (which are all related) - is critical for assessing economic performance. The interactions among such factors as cyclical effects, utilization and investment also cannot be identified in such a framework, causing potentially serious difficulties of maintaining consistency. A related consistency problem has to do with returns to scale; inputs are measured as if constant returns to scale exists, and then a scale adjustment is made based on an assumed level of returns to scale and the implied cost change associated only with output increases.
One of the most fundamental and critical issues both conceptually and empirically, however, is to determine which inputs should provide the basis for comparing output and input growth. Single factor productivity growth measures focus on the productivity of a single input, ignoring substitution of this input and others in response to relative price changes. More complete multifactor measures, which include assessment of the changes in other inputs, provide a more clearly interpretable measure of overall productivity, but are more complex to motivate and construct.