The Not†So†Strange Death of Multifactor Productivity Growth

John Quiggin

Australian Economic Review, 2018, vol. 51, issue 2, 269-275

Abstract: The central theme of this article is the observation that improvements in information and communications technology (ICT) and in labour quality represent ‘embodied’ technological progress, as distinct from the ‘disembodied’ residual represented by multifactor productivity (MFP) growth. The seeming paradox of continued labour productivity growth combined with static MFP may be explained by the fact that technological progress is now mostly embodied in improved technology and better educated workers. The contribution from microeconomic reform has been, and is likely to remain, marginal.

Date: 2018
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https://doi.org/10.1111/1467-8462.12275

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