The labor force grows at 7% and capital stock grows at 8%. Suppose .37% of national income

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The labor force grows at 7% and capital stock grows at 8%. Suppose .37% of national income goes to labor and (1-.37)% goes to capital. The growth rate of the output is 21%. What is the productivity factor?

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Macroeconomics

ISBN: 9781292160504

7th Global Edition

Authors: Olivier J. Blanchard

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Posted Date: Apr 22, 2024 06:18 AM

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The labor force grows at 7% and capital stock grows at 8%. Suppose .37% of national income

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To calculate the productivity factor we need to consider the contributions of labor and capital to t... View the full answer

Macroeconomics

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