Measuring Productivity: The Response of National Statistical Institutes to the

This chap- Given the nature of the OECD as an 1 Nicholas Oulton is an associate at the Centre for Macroeconomics at the London School of Economics, a fellow of the National Institute of Economic Social Research, and a research associate at the Economic Statistics Centre of Excellence. [...] At the same time, an impor- of simplifications that occur in the practice tant part of the manual is also devoted to of productivity measurement.” issues of aggregation across industries and These objectives are expanded on in the the link to economy-wide or sector-wide next subsection: measures of productivity growth. [...] treatment of the output measurement in • Second, the manual focuses on the each of these industries would go beyond measurement of productivity at the indus- the scope of the present manual. [...] 7 The Törnqvist index of real value added is defined as the difference between a weighted average of the growth rates of the outputs and a weighted average of the growth rates of the inputs. [...] Distinct is a double subscript, the first to indicate in principle from the age-efficiency profile the year (t) and the second to indicate the is the age-price profile which shows how, asset’s age (0 in this case).