Paul A. Johnson
Abstract
Solow’s method of decomposing the growth in aggregate output into that part due to growth in inputs and that part due to technological progress has become the standard method for measuring technological progress, or growth in total factor productivity. This contribution outlines the method and later refinements.
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Solow’s method of decomposing the growth in aggregate output into that part due to growth in inputs and that part due to technological progress has become the standard method for measuring technological progress, or growth in total factor productivity. This contribution outlines the method and later refinements.
Key concepts: Solow residual, Growth accounting, Total factor productivity, Technological change, Economics, Aggregate (composite), Residual, Technical progress