Multifactor productivity looks at a combination of production inputs (or factors): labour, materials, and capital. In theory, it’s a more comprehensive measure than labour productivity. Multifactor productivity, also known as 'total productivity' is the lesser known cousin of labour productivity. Multifactor productivity is a measure of the magic of capitalism ability to raise living standards far faster than the amount of capital or the amount of education.
How has innovation affected Multifactor Productivity today?
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