By Catherine J. Morrison
This textual content is designed to supply a entire advisor to scholars, researchers, or experts who desire to perform and to interpret analyses of financial functionality, with an emphasis on productiveness development. The textual content comprises an outline of normal productiveness progress size concepts and variations, and knowledge construc tion techniques. It is going extra, despite the fact that, via increasing the culture al progress accounting (index quantity) framework to permit ponder ation of the way assorted features of multinational habit underlying productiveness progress are interrelated, how they are often measured con sistently in a parametric version, and the way they enable a well-defined decomposition of ordinary productiveness development measures. those rules are constructed via contemplating intimately a couple of underlying theoretical effects and econometric matters. The affects of assorted construction features on productiveness development tendencies also are evaluated through overviewing chosen methodological extensions and em pirical facts. extra in particular, within the methodological extensions, emphasis is put on incorporation of price and insist features, akin to fixity and adjustment charges, returns to scale, and the life of industry energy, into analyses of productiveness development. those personality istics, mostly left out in such analyses, may have extremely important affects on creation constitution and enterprise habit, and therefore on fiscal functionality. in addition they give you the conceptual foundation for vii viii PREFACE measures which are usually used independently as symptoms of monetary functionality, comparable to funding, potential 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
He subsequently, however, identified more than twenty additional factors that could affect productivity growth, and he proceeded to use to adjust this semi-residual to obtain a final measure of "advances in knowledge". Unfortunately, a multitude of different factors could be thought of as affecting input effectiveness and firm behavior (and therefore measured output) independently of technical change, and these are extremely difficult to isolate reliably from the raw data. Some measures of these factors can be obtained directly from published statistics such as national income accounts, but these may not directly be based on relevant economic reasoning.
6 Finally, a single factor measure of output per unit of capital, although not generally touted as an efficiency measure, has been used as a basis of capacity utilization-type indexes. The idea underlying construction of these measures is that if output per unit of capital increases, the firm is utilizing capital more heavily and therefore approaching its maximum potential. Peaks in this measure can therefore be thought of as points where capacity output is reached given the available capital stock.
Although it is generally understood that increased productivity is somehow advantageous, most people would find it difficult to define clearly the notion of productivity. The general concept of productivity stems from the amount of output that can be produced from a given amount of input. Productivity growth, therefore, can arise from an increase in the output that can be produced for a given level of input, or a decrease in input (and therefore costs) necessary to produce a given amount of output, as outlined in Chapter 1.
A Microeconomic Approach to the Measurement of Economic Performance: Productivity Growth, Capacity Utilization, and Related Performance Indicators by Catherine J. Morrison