Models of labour services and estimates of total factor productivity

Dixon, Robert and Shepherd, David (2010) Models of labour services and estimates of total factor productivity. Applied Economics, 42 (28). pp. 3629-3634. ISSN 0003-6846

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This article examines the manner in which labour services are modelled in the aggregate production function, concentrating on the relationship between numbers employed and average hours worked. It argues that numbers employed and hours worked are not perfect substitutes and that conventional estimates of total factor productivity which, by using total hours worked as the measure of labour services, assume they are perfect substitutes, will be biased when there are marked changes in average hours worked. The relevance of the theoretical argument is illustrated using data for the United States and the United Kingdom.

Item Type: Article
Uncontrolled Keywords: Labour services, production function, total factor productivity
Subjects: University of Westminster > Westminster Business School
Depositing User: Miss Nina Watts
Date Deposited: 06 May 2011 08:59
Last Modified: 17 Jun 2013 15:51

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