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Total Factor Productivity (TFP) measures how the efficiency of two fundamental factors of production (capital and labour) create added value. The sum of these added values represents a nation's GDP. Let's consider 1970 as the baseline year for TFP in two
Total Factor Productivity (TFP) measures how the efficiency of two fundamental factors of production (capital and labour) create added value. The sum of these added values represents a nation's GDP. Let's consider 1970 as the baseline year for TFP in two