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Published online by Cambridge University Press: 14 April 2022
It is necessary to distinguish the productivity of a single production factor from the ability of a firm to combine the bundle of inputs at its disposal to create new value. This is total factor productivity (TFP), also known as multi-factor productivity". Firm performance in a sector or region is not centred around an average performance level. Policies should aim to catalyse the dynamic transition of more-productive firms, rather than just working on the average performance of the sector.
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