THE PRODUCTIVITY PUZZLE IN NETWORK INDUSTRIES: Evidence from electricity, gas and water sectors

摘要

Productivity growth is defined as the change in output over input and can be estimated using single figures (i.e.Labour productivity) or a set of figures (i.e. total factor productivity or multi-factor productivity). Total factorproductivity (TFP) involves the consideration of multiple inputs and outputs and combines all them in a singleratio. The productivity puzzle relates to the observation that productivity is flatlining (and in some cases falling)in many advanced economies after decades of steady growth.