Term:
Total factor productivity
Definition:
Total factor productivity is a synonym for Multi-factor productivity (MFP). The OECD productivity manual uses the MFP acronym to signal a certain modesty with respect to the capacity of capturing all factors’ contribution to output growth.
Domain:
Economics & National Accounts
Source:
OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity Growth, OECD, Paris, March 2001, Annex 1 – Glossary
