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| Total Factor Productivity× | Fisher Ideal Index× | |
|---|---|---|
| Dziedzina | Ekonomia | Ekonomia |
| Rodzina≠ | Regression model | Process / pipeline |
| Rok powstania≠ | 1957 | 1922 |
| Twórca≠ | Robert Solow; Caves, Christensen & Diewert | Irving Fisher; superlative theory by W. Erwin Diewert |
| Typ≠ | Productivity measurement via index numbers and production functions | Superlative index number for aggregating prices or quantities |
| Źródło pierwotne≠ | Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320. DOI ↗ | Fisher, I. (1922). The Making of Index Numbers: A Study of Their Varieties, Tests, and Reliability. Boston: Houghton Mifflin. ISBN: 9780678006597 |
| Inne nazwy | TFP, Multifactor Productivity, MFP, Joint Factor Productivity | Fisher Index, Fisher's Ideal Index, Ideal Index Number, Fisher Price Index |
| Pokrewne≠ | 4 | 3 |
| Podsumowanie≠ | Total factor productivity (TFP), also called multifactor productivity, measures how much output an economic unit produces from a given bundle of all its inputs taken together — capital, labour, and often intermediate materials. It is the efficiency with which inputs are jointly transformed into output, and it captures everything that raises output without raising measured inputs: technology, organization, and the reallocation of resources. TFP is measured in two broad ways: the index-number approach, which forms the ratio of an aggregate output index to an aggregate input index using economically justified (superlative) weights, and the econometric production-function approach, which estimates the technology and recovers productivity as an unobserved term. | The Fisher ideal index is a superlative index number that aggregates many individual prices or quantities into a single measure of overall change by taking the geometric mean of the Laspeyres (base-weighted) and Paasche (current-weighted) indices. Proposed by Irving Fisher in his 1922 treatise as the 'ideal' formula because it passes a battery of desirable axiomatic tests, it was later shown by W. Erwin Diewert to be exact for a flexible (quadratic) aggregator, giving it both an axiomatic and an economic-theoretic justification. It is the index of choice when a measure must satisfy the time-reversal and factor-reversal tests exactly. |
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