This economic measure was augmented by Mankiw, Romer, and Weil who disaggregated it in order to treat the idea of human capital stock separately.
This economic measure was augmented by Mankiw, Romer, and Weil who disaggregated it in order to treat the idea of human capital stock separately. In papers entitled "The Tyranny of Numbers" and "A Tale of Two Cities," Alwyn Young showed that this value was explanatory for Hong Kong in the mid 90s, but not for Singapore. It was famously referred to as "a measure of our ignorance" by Moses Abramovitz in 1956, since it introduced an exogenous factor to rebut the once-prevailing notion that physical capital accumulation could sufficiently explain per-capita growth. FTP, name this measure of the total factor productivity, or the effect of technological change on growth, so named because ►an eponymous American economist used it to describe what is "left over" after capital accumulation.
This economic measure was augmented by Mankiw, Romer, and Weil who disaggregated it in order to treat the idea of human capital stock separately.
Solow residual (accept Total Factor Productivity or TFP before it's mentioned, or accept "Solow growth model" before "total factor productivity")