Total Factor Productivity and Income Distribution：A Critical Review : 총요소생산성과 소득분배：비판적 고찰
Total Factor Productivity and Income Distribution：A Critical Review
- 주제(키워드) Total Factor Productivity , Marginal Productivity Theory of Distribution , Technological Progress and Economic Growth , Total Factor Productivity , Marginal Productivity Theory of Distribution , Technological Progress and Economic Growth , 총요소생산성 , 한계생산성 분배론 , 기술진보와 경제성장
- 발행기관 한국질서경제학회
- 발행년도 2008
- 총서유형 Journal
- UCI G704-002104.2008.11.2.003
- KCI ID ART001303227
- 본문언어 영어
초록/요약
The aim of this paper is to critically reappraise the validity and the relevance of TFP as a measure of technological progress. Placing the focus on the role that the traditional distribution theory plays in measuring technological progress, first, it is shown that the measure of TFP exclusively relies on the marginal productivity theory of distribution through which factors’ income shares are linked to their technological progress. Second, it will be shown that the marginal productivity theory of distribution is based on extremely limited theoretical and empirical grounds. Third, it is proved that, because of the underlying income accounting identity, econometric approach to TFP does not help to avoid the problems. Therefore, it is concluded that the measure of TFP as a measurement of the contribution made by technical progress to the economic growth has very little to do with the reality.
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