[{"data":1,"prerenderedAt":53},["ShallowReactive",2],{"term:total-factor-productivity":3},{"term":4,"related":44},{"id":5,"title":6,"body":7,"category":27,"description":28,"extension":29,"faq":30,"meta":31,"navigation":32,"path":33,"related":34,"seo":37,"stem":38,"takeaways":39,"__hash__":43},"terms\u002Fterms\u002Ftotal-factor-productivity.md","Total Factor Productivity (TFP)",{"type":8,"value":9,"toc":22},"minimark",[10,15,19],[11,12,14],"h2",{"id":13},"understanding-total-factor-productivity","Understanding Total Factor Productivity",[16,17,18],"p",{},"TFP captures how efficiently an economy combines its inputs: better technology, management, organization and institutions. It is measured as a residual, the part of growth left over after accounting for workers and machines.",[16,20,21],{},"Over the long run, TFP growth is the main source of rising living standards.",{"title":23,"searchDepth":24,"depth":24,"links":25},"",2,[26],{"id":13,"depth":24,"text":14},"economy","Output growth that is not explained by more labor or capital.","md",[],{},true,"\u002Fterms\u002Ftotal-factor-productivity",[35,36],"solow-growth-model","real-gdp",{"title":6,"description":28},"terms\u002Ftotal-factor-productivity",[40,41,42],"TFP is growth not explained by more inputs.","It reflects technology and efficiency.","It drives long-run gains in living standards.","SgVN_fH3hi4HTzS_UjUUBO6TTXq-yUp6Z-pZSO9fewk",[45,49],{"title":46,"description":47,"path":48},"Real GDP","GDP measured at constant prices, so it changes only when the quantity of output changes.","\u002Fterms\u002Freal-gdp",{"title":50,"description":51,"path":52},"Solow Growth Model","A model showing how saving, population growth and technology determine long-run living standards.","\u002Fterms\u002Fsolow-growth-model",1793374006102]