Total Factor Productivity and Income Distribution：A Critical Review
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The aim of this paper is to critically reappraise the validity and the relevance of TFP as a measure of technological progress. Placing the focus on the role that the traditional distribution theory plays in measuring technological progress, first, it is shown that the measure of TFP exclusively relies on the marginal productivity theory of distribution through which factors’ income shares are linked to their technological progress. Second, it will be shown that the marginal productivity theory of distribution is based on extremely limited theoretical and empirical grounds. Third, it is proved that, because of the underlying income accounting identity, econometric approach to TFP does not help to avoid the problems. Therefore, it is concluded that the measure of TFP as a measurement of the contribution made by technical progress to the economic growth has very little to do with the reality.
Abstract
The aim of this paper is to critically reappraise the validity and the relevance of TFP as a measure of technological progress. Placing the focus on the role that the traditional distribution theory plays in measuring technological progress, first, it is shown that the measure of TFP exclusively relies on the marginal productivity theory of distribution through which factors’ income shares are linked to their technological progress. Second, it will be shown that the marginal productivity theory of distribution is based on extremely limited theoretical and empirical grounds. Third, it is proved that, because of the underlying income accounting identity, econometric approach to TFP does not help to avoid the problems. Therefore, it is concluded that the measure of TFP as a measurement of the contribution made by technical progress to the economic growth has very little to do with the reality.
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