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The Not†So†Strange Death of Multifactor Productivity Growth

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  • John Quiggin

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.

Suggested Citation

  • John Quiggin, 2018. "The Not†So†Strange Death of Multifactor Productivity Growth," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(2), pages 269-275, June.
    • Handle: RePEc:bla:ausecr:v:51:y:2018:i:2:p:269-275
    DOI: 10.1111/1467-8462.12275
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