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Leaning into TFP

Author

Listed:
  • Enrico D'Elia
  • Leonello Tronti

Abstract

Growth policies, including the European recovery facilities, aim at enhancing total factor productivity (TFP), which, in the neoclassical theoretical framework, is the sole source of overall output growth in addition to that mechanicall resulting from increasing labour and capital inputs. Nevertheless, few algebraic manipulations show that TFP depends on income distribution and market power. Thus, suggestive as it may be, it is only an imperfect measure of productivity; and boosting its supposed determinants mentioned in the literature, so to accelerate economic growth, can be misleading. Suitable income and industrial policies are necessary instead

Suggested Citation

  • Enrico D'Elia & Leonello Tronti, 2022. "Leaning into TFP," Economia & lavoro, Carocci editore, issue 1, pages 25-34.
    • Handle: RePEc:caq:j950ix:doi:10.7384/105052:y:2022:i:1:p:25-34
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