1.The level of productivity differs quite a lot among countries, which serves a major driver of income differences (China, 13% of US for now, and 40% of US in 20 years) 2.Productivity growth differs even more among countries, with average of 1.33% per year for 1975-209 among the fast-growing one-fifth of countries, and -1.42% in the lowest-growing one-fifth countries; 3.Overall, productivity growth explains 68% of the variation in income growth and factor accumulation explains only 32% across countries. 4.How productivity is determined? TFP “a measure of our ignorance?”
Productivity Effectiveness with which factors of production are converted into output. Taken together, do all the factors of production explain all of the variation among countries? Countries differ in their output not only because they accumulate different quantities of production factors, but also because they vary in the effectiveness with which they combine these factors of production to produce output – that is, in their productivity. Think about some examples in real life.
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