Multi–factor productivity: estimates for 1994 to 2008
Katy Long and
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Mark Franklin: Office for National Statistics
Economic & Labour Market Review, 2010, vol. 4, issue 9, 67-72
SUMMARYThis article presents multi–factor productivity (MFP) estimates using experimental measures of quality adjusted labour inputs and utilisation of capital services. Using a growth accounting framework, output growth can be split into the relative contributions of labour and capital inputs, and a residual component which is variously described as ‘disembodied technical change’, the ‘Solow residual’, total factor productivity or simply as MFP. This approach complements traditional measures of productivity, which focus only on one input, labour, and take account only of the volume of labour, measured in jobs or hours, and not on changes in the composition of labour over time. Estimates are produced at the market sector and whole economy levels.The article develops the work of Turvey (2009) by extending the back data to 1994 (1995 for the market sector) and forward to 2008, and by providing estimates at an enhanced level of industrial disaggregation, consistent with parallel developments in measuring labour and capital inputs.
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