What is total factor productivity

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Assignment:

What is Total Factor Productivity? How does one go about estimating it? What does it tell us about long-run economic growth? What would be a good benchmark figure for TFP growth in a modern developed economy - 0.0 to 0.5% per annum, 1.0 to 1.5%, 13.76%?

Reference no: EM133239330

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