The definition of the factors of production are ambiguous. It would seem that the definition of labor would be straightforward the hours of work that go into production. To answer this, economists separate labor into two components. Standard labor the actual number of hours worked. If skills are increasing faster in a rich country than in a poor one, incomes would not be expected to converge.
Economists have estimates of the contribution of the factors to growth.
Granted, these estimates are rough. However, it is clear that technology plays a major role in economic growth. B. New growth theories focus on technology. Technology is the result of investment in creating technology. Growth theory separates investment in capital and investment in technology.