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Adjusting for Quality of Labour and Labour Services in Productivity Measurement

Author

Listed:
  • Keeney, Mary J.

    (Central Bank and Financial Services Authority of Ireland)

Abstract

Evaluating the true level of factor inputs (such as labour and capital) is an essential component of estimating an economy’s productive potential. The standard measure of the total economy’s labour input is to aggregate the number of people employed. A related measure of labour inputs is to aggregate the number of hours worked by each person in the economy. Both of these labour measures assume that all workers in the economy are equally productive. This paper is concerned with achieving a more accurate measure of the total labour input in the economy by adjusting standard labour indicators for labour quality.

Suggested Citation

  • Keeney, Mary J., 2009. "Adjusting for Quality of Labour and Labour Services in Productivity Measurement," Research Technical Papers 2/RT/09, Central Bank of Ireland.
    • Handle: RePEc:cbi:wpaper:2/rt/09
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    File URL: https://centralbank.ie/docs/default-source/publications/research-technical-papers/2rt09---adjusting-for-quality-of-labour-and-labour-services-in-productivity-measurement-(keeney).pdf?sfvrsn=4
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    More about this item

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • D2 - Microeconomics - - Production and Organizations

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