Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/257272 
Year of Publication: 
2021
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 9 [Issue:] 3 [Article No.:] 114 [Publisher:] MDPI [Place:] Basel [Year:] 2021 [Pages:] 1-21
Publisher: 
MDPI, Basel
Abstract: 
A new method of identifying the sources of output growth and measuring total factor productivity (TFP) is proposed, with an application to data from the Greek economy. The price accounting approach, based on the full industry equilibrium (FIE) framework introduced by Opocher and Steedman, where technical progress not only increases outputs relative to inputs but also reduces output prices relative to input rewards, is used. The contributions of this paper are that, first, it amends the FIE TFP measurement approach to account for heterogeneous labor inputs, imported inputs, and indirect taxes, and applies the method to real-world data from the Greek economy; second, it provides a comparison of the results with those found by the use of the neoclassical approach to TFP measurement arguing that the FIE approach measures better sectoral TFP change, and third, it provides an estimate of the effects of sectoral research and development (R&D) expenditures and R&D diffusion from other sectors on TFP change for the Greek economy.
Subjects: 
full industry equilibrium
R&D diffusion
total factor productivity growth
O33
O47
D24
JEL: 
O33
O47
D24
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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