Analysis of total factor productivity of the Republic of Belarus: retrospective decomposition of economic growth factors
Keywords:
total factor productivity, Republic of Belarus, labor, capital, Cobb-Douglas function, least squares methodAbstract
The authors systematize methodological approaches to assessing total factor productivity (TFP) as a key factor in economic growth. A decomposition of the main factors that form the GDP of the Republic of Belarus (labor, capital, TFP) has been carried out. The calculation was made using the Cobb-Douglas function (satisfying Inad's conditions), which is the basis for deriving R. Barro's regression, which made it possible to assess the degree of influence of capital and labor factors in GDP, taking into account the time factor. The calculation period for determining TFP was 14 years (2010-2023). The basis for the calculations was data from the National Statistical Committee of the Republic of Belarus. Checking the accuracy of the constructed model confirmed the possibility of its application. The characteristics of the production function were determined: average and marginal productivity, partial elasticity, technological (marginal) rate of replacement. As a result of the calculations, the degree of influence of production factors on the GDP of the Republic of Belarus was determined.
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