Could someone please explain why:
Total Factor Productivty = Labor productivity growth–Growth in capital deepening? and what does this totoal factor productivity mean in simple language. Intuitively speaking i would think total factor productivy as the total of all factors added together other than labour and capital..
Total Factor Productivty = Labor productivity growth–Growth in capital deepening? and what does this totoal factor productivity mean in simple language. Intuitively speaking i would think total factor productivy as the total of all factors added together other than labour and capital..