589:" This refers to economic growth as a result of productivity growth but without creation of new jobs and new incomes from them. A practical example illustrates the case. When a jobless person obtains a job in market production we may assume it is a low productivity job. As a result, average productivity decreases but the real income per capita increases. Furthermore, the well-being of the society also grows. This example reveals the difficulty to interpret the total productivity change correctly. The combination of volume increase and total productivity decrease leads in this case to the improved performance because we are on the “diminishing returns” area of the production function. If we are on the part of “increasing returns” on the production function, the combination of production volume increase and total productivity increase leads to improved production performance. Unfortunately, we do not know in practice on which part of the production function we are. Therefore, a correct interpretation of a performance change is obtained only by measuring the real income change.
426:
This development favourably affects the production functions of customers. Customers get more for less. Consumer customers get more satisfaction at less cost. This type of well-being generation can only partially be calculated from the production data. The situation is presented in this study. The producer community (labour force, society, and owners) earns income as compensation for the inputs they have delivered to the production. When the production grows and becomes more efficient, the income tends to increase. In production this brings about an increased ability to pay salaries, taxes and profits. The growth of production and improved productivity generate additional income for the producing community. Similarly, the high income level achieved in the community is a result of the high volume of production and its good performance. This type of well-being generation – as mentioned earlier - can be reliably calculated from the production data.
391:
639:
77:
679:
value calculation is the only valid measure for understanding the connection between profitability and productivity or understanding the connection between real process and production process. A valid measurement of total productivity necessitates considering all production inputs, and the surplus value calculation is the only calculation to conform to the requirement. If we omit an input in productivity or income accounting, this means that the omitted input can be used unlimitedly in production without any cost impact on accounting results.
528:
439:
647:
of profitability, surplus value refers to the difference between returns and costs, taking into consideration the costs of equity in addition to the costs included in the profit and loss statement as usual. Surplus value indicates that the output has more value than the sacrifice made for it, in other words, the output value is higher than the value (production costs) of the used inputs. If the surplus value is positive, the owner's profit expectation has been surpassed.
536:
at time 2 is greater than the output measured at time one for both of the components of growth: an increase of inputs and an increase of productivity. The portion of growth caused by the increase in inputs is shown on line 1 and does not change the relation between inputs and outputs. The portion of growth caused by an increase in productivity is shown on line 2 with a steeper slope. So increased productivity represents greater output per unit of input.
544:
by increased production volume is determined by moving along the production function graph. The income growth corresponding to a shift of the production function is generated by the increase in productivity. The change of real income so signifies a move from the point 1 to the point 2 on the production function (above). When we want to maximize the production performance we have to maximize the income generated by the production function.
813:
price-based growth estimates?” (Hulten 2009, 18). We have demonstrated above that the real income change is achieved by quantitative changes in production and the income distribution change to the stakeholders is its dual. In this case, the duality means that the same accounting result is obtained by accounting the change of the total income generation (real income) and by accounting the change of the total income distribution.
139:
36:
255:, materials and energy are categorised as secondary factors as they are byproducts of land, labour and capital. Delving further, primary factors encompass all of the resourcing involved, such as land, which includes the natural resources above and below the soil. However, there is a difference between human capital and labour. In addition to the common factors of production, in different economic schools of thought,
740:) also gives details of the income distribution (Saari 2011,14). Because the accounting techniques of the two models are different, they give differing, although complementary, analytical information. The accounting results are, however, identical. We do not present the model here in detail but we only use its detailed data on income distribution, when the objective functions are formulated in the next section.
655:
quantity and quality but their respective shares will remain unclear. In productivity accounting this criterion requires that every item of output and input must appear in accounting as being homogenous. In other words, the inputs and the outputs are not allowed to be aggregated in measuring and accounting. If they are aggregated, they are no longer homogenous and hence the measurement results may be biased.
668:
548:
growth of output that exceeds the growth of inputs. This results in growth in productivity or output per unit of input. Income growth can also take place without innovation through replication of established technologies. With only replication and without innovation, output will increase in proportion to inputs. (Jorgenson et al. 2014, 2) This is the case of income growth through production volume growth.
651:
all phenomena of a real measuring situation and most importantly the change in the output-input mix between two periods. Hence, the basic example works as an illustrative “scale model” of production without any features of a real measuring situation being lost. In practice, there may be hundreds of products and inputs but the logic of measuring does not differ from that presented in the basic example.
691:, i.e. "all other things being the same," stating that at a time only the impact of one changing factor be introduced to the phenomenon being examined. Therefore, the calculation can be presented as a process advancing step by step. First, the impacts of the income distribution process are calculated, and then, the impacts of the real process on the profitability of the production.
273:. The degree to which the needs are satisfied is often accepted as a measure of economic welfare. In production there are two features which explain increasing economic welfare. The first is improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production, and the second is total production which help in increasing
800:
during the same period. There are three variables that can be maximized. They are the real income, the producer income and the owner income. Producer income and owner income are practical quantities because they are addable quantities and they can be computed quite easily. Real income is normally not an addable quantity and in many cases it is difficult to calculate.
378:
identified in two roles both of which generate well-being. Consumers can be both customers of the producers and suppliers to the producers. The customers' well-being arises from the commodities they are buying and the suppliers' well-being is related to the income they receive as compensation for the production inputs they have delivered to the producers.
622:(in growth accounting) or arithmetical models, which are typically used in microeconomics and management accounting. We do not present the former approach here but refer to the survey “Growth accounting” by Hulten 2009. Also see an extensive discussion of various production models and their estimations in Sickles and Zelenyuk (2019, Chapter 1-2).
476:. It refers to a series of events in production in which production inputs of different quality and quantity are combined into products of different quality and quantity. Products can be physical goods, immaterial services and most often combinations of both. The characteristics created into the product by the producer imply
556:
order to avoid the double accounting of intermediate inputs. Value-added is obtained by subtracting the intermediate inputs from the outputs. The most well-known and used measure of value-added is the GDP (Gross
Domestic Product). It is widely used as a measure of the economic growth of nations and industries.
678:
A model used here is a typical production analysis model by help of which it is possible to calculate the outcome of the real process, income distribution process and production process. The starting point is a profitability calculation using surplus value as a criterion of profitability. The surplus
650:
The table presents a surplus value calculation. We call this set of production data a basic example and we use the data through the article in illustrative production models. The basic example is a simplified profitability calculation used for illustration and modelling. Even as reduced, it comprises
646:
The scale of success run by a going concern is manifold, and there are no criteria that might be universally applicable to success. Nevertheless, there is one criterion by which we can generalise the rate of success in production. This criterion is the ability to produce surplus value. As a criterion
621:
A production model is a numerical description of the production process and is based on the prices and the quantities of inputs and outputs. There are two main approaches to operationalize the concept of production function. We can use mathematical formulae, which are typically used in macroeconomics
543:
The real income generation follows the logic of the production function. Two components can also be distinguished in the income change: the income growth caused by an increase in production input (production volume) and the income growth caused by an increase in productivity. The income growth caused
342:
This element sees the ongoing adaption of technology at the frontier of the production function. Technological change is a significant determinant in advancing economic production results, as noted throughout economic histories, such as the industrial revolution. Therefore, it is critical to continue
658:
Both the absolute and relative surplus value have been calculated in the example. Absolute value is the difference of the output and input values and the relative value is their relation, respectively. The surplus value calculation in the example is at a nominal price, calculated at the market price
601:
The second way of measuring production and efficiency is average output. It measures output per-worker-employed or output-per-unit of capital. The third measures of production and efficiency is the marginal product. It is the change in output from increasing the number of workers used by one person,
547:
The sources of productivity growth and production volume growth are explained as follows. Productivity growth is seen as the key economic indicator of innovation. The successful introduction of new products and new or altered processes, organization structures, systems, and business models generates
539:
The growth of production output does not reveal anything about the performance of the production process. The performance of production measures production's ability to generate income. Because the income from production is generated in the real process, we call it the real income. Similarly, as the
535:
The figure illustrates an income generation process (exaggerated for clarity). The Value T2 (value at time 2) represents the growth in output from Value T1 (value at time 1). Each time of measurement has its own graph of the production function for that time (the straight lines). The output measured
523:
The real process can be described by means of the production function. The production function is a graphical or mathematical expression showing the relationship between the inputs used in production and the output achieved. Both graphical and mathematical expressions are presented and demonstrated.
463:
Production output is created in the real process, gains of production are distributed in the income distribution process and these two processes constitute the production process. The production process and its sub-processes, the real process and income distribution process occur simultaneously, and
425:
The well-being gained through commodities stems from the price-quality relations of the commodities. Due to competition and development in the market, the price-quality relations of commodities tend to improve over time. Typically the quality of a commodity goes up and the price goes down over time.
654:
In this context, we define the quality requirements for the production data used in productivity accounting. The most important criterion of good measurement is the homogenous quality of the measurement object. If the object is not homogenous, then the measurement result may include changes in both
555:
In the case of a single production process (described above) the output is defined as an economic value of products and services produced in the process. When we want to examine an entity of many production processes we have to sum up the value-added created in the single processes. This is done in
434:
A producing company can be divided into sub-processes in different ways; yet, the following five are identified as main processes, each with a logic, objectives, theory and key figures of its own. It is important to examine each of them individually, yet, as a part of the whole, in order to be able
412:
The suppliers of companies are typically producers of materials, energy, capital, and services. They all have their individual production functions. The changes in prices or qualities of supplied commodities have an effect on both actors' (company and suppliers) production functions. We come to the
799:
starting with the income generation and ending with the income distribution. The income generation and the distribution are always in balance so that their amounts are equal. In this case, it is 58.12 units. The income which has been generated in the real process is distributed to the stakeholders
581:
The growth of the real income is the increase of the economic value that can be distributed between the production stakeholders. With the aid of the production model we can perform the average and absolute accounting in one calculation. Maximizing production performance requires using the absolute
480:
to the consumer, and on the basis of the market price this value is shared by the consumer and the producer in the marketplace. This is the mechanism through which surplus value originates to the consumer and the producer likewise. Surplus values to customers cannot be measured from any production
351:
There is a strong correlation between the producer's behaviour and the underlying assumption of production – both assume profit maximising behaviour. Production can be either increased, decreased or remain constant as a result of consumption, amongst various other factors. The relationship between
329:
Within production, efficiency plays a tremendous role in achieving and maintaining full capacity, rather than producing an inefficient (not optimal) level. Changes in efficiency relate to the positive shift in current inputs, such as technological advancements, relative to the producer's position.
698:
The accounting results are easily interpreted and understood. We see that the real income has increased by 58.12 units from which 41.12 units come from the increase of productivity growth and the rest 17.00 units come from the production volume growth. The total increase of real income (58.12) is
694:
The first step of the calculation is to separate the impacts of the real process and the income distribution process, respectively, from the change in profitability (285.12 – 266.00 = 19.12). This takes place by simply creating one auxiliary column (4) in which a surplus value calculation is
612:
Real-life examples of the firm's short - term production equations may not be quite the same as the smooth production theory of the department. In order to improve efficiency and promote the structural transformation of economic growth, it is most important to establish the industrial development
519:
Economic growth may be defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. The real output is the real value of products produced in a production process and when we subtract the real
496:
The production process consists of the real process and the income distribution process. A result and a criterion of success of the owner is profitability. The profitability of production is the share of the real process result the owner has been able to keep to himself in the income distribution
386:
Stakeholders of production are persons, groups or organizations with an interest in a producing company. Economic well-being originates in efficient production and it is distributed through the interaction between the company's stakeholders. The stakeholders of companies are economic actors which
377:
In principle there are two main activities in an economy, production and consumption. Similarly, there are two kinds of actors, producers and consumers. Well-being is made possible by efficient production and by the interaction between producers and consumers. In the interaction, consumers can be
305:
Economic well-being also increases due to income gains from increasing production. Market production is the only production form that creates and distributes incomes to stakeholders. Public production and household production are financed by the incomes generated in market production. Thus market
702:
Here we can make an important conclusion. Income formation of production is always a balance between income generation and income distribution. The income change created in a real process (i.e. by production function) is always distributed to the stakeholders as economic values within the review
551:
Jorgenson et al. (2014, 2) give an empiric example. They show that the great preponderance of economic growth in the US since 1947 involves the replication of existing technologies through investment in equipment, structures, and software and expansion of the labor force. Further, they show that
403:
The customers of a company are typically consumers, other market producers or producers in the public sector. Each of them has their individual production functions. Due to competition, the price-quality-ratios of commodities tend to improve and this brings the benefits of better productivity to
368:
In an economic market, production input and output prices are assumed to be set from external factors as the producer is the price taker. Hence, pricing is an important element in the real-world application of production economics. Should the pricing be too high, the production of the product is
314:
The underlying assumption of production is that maximisation of profit is the key objective of the producer. The difference in the value of the production values (the output value) and costs (associated with the factors of production) is the calculated profit. Efficiency, technological, pricing,
812:
The dual approach has been recognized in growth accounting for long but its interpretation has remained unclear. The following question has remained unanswered: “Quantity based estimates of the residual are interpreted as a shift in the production function, but what is the interpretation of the
808:
Here we have to add that the change of real income can also be computed from the changes in income distribution. We have to identify the unit price changes of outputs and inputs and calculate their profit impacts (i.e. unit price change x quantity). The change of real income is the sum of these
761:
695:
compiled using the quantities of Period 1 and the prices of Period 2. In the resulting profitability calculation, Columns 3 and 4 depict the impact of a change in income distribution process on the profitability and in
Columns 4 and 7 the impact of a change in real process on the profitability.
597:
In the short run, the production function assumes there is at least one fixed factor input. The production function relates the quantity of factor inputs used by a business to the amount of output that result. There are three measure of production and productivity. The first one is total output
301:
The satisfaction of needs originates from the use of the commodities which are produced. The need satisfaction increases when the quality-price-ratio of the commodities improves and more satisfaction is achieved at less cost. Improving the quality-price-ratio of commodities is to a producer an
788:
These cases are illustrated using the numbers from the basic example. The following symbols are used in the presentation: The equal sign (=) signifies the starting point of the computation or the result of computing and the plus or minus sign (+ / -) signifies a variable that is to be added or
625:
We use here arithmetical models because they are like the models of management accounting, illustrative and easily understood and applied in practice. Furthermore, they are integrated to management accounting, which is a practical advantage. A major advantage of the arithmetical model is its
564:
The production performance can be measured as an average or an absolute income. Expressing performance both in average (avg.) and absolute (abs.) quantities is helpful for understanding the welfare effects of production. For measurement of the average production performance, we use the known
488:
Income distribution process of the production refers to a series of events in which the unit prices of constant-quality products and inputs alter causing a change in income distribution among those participating in the exchange. The magnitude of the change in income distribution is directly
302:
essential way to improve the competitiveness of products but this kind of gains distributed to customers cannot be measured with production data. Improving product competitiveness often means lower prices and to the producer lower producer income, to be compensated with higher sales volume.
330:
Efficiency is calculated by the maximum potential output divided by the actual input. An example of the efficiency calculation is that if the applied inputs have the potential to produce 100 units but are producing 60 units, the efficiency of the output is 0.6, or 60%. Furthermore,
598:(total product). It is straightforward to measure how much output is being produced in the manufacturing industries like motor vehicles. In the tertiary industry such as service or knowledge industries, it is harder to measure the outputs since they are less tangible.
481:
data. Instead the surplus value to a producer can be measured. It can be expressed both in terms of nominal and real values. The real surplus value to the producer is an outcome of the real process, real income, and measured proportionally it means productivity.
613:
model related to it. At the same time, a shift should be made to models that contain typical characteristics of the industry, such as specific technological changes and significant differences in the likelihood of substitution before and after investment.
404:
customers. Customers get more for less. In households and the public sector this means that more need satisfaction is achieved at less cost. For this reason, the productivity of customers can increase over time even though their incomes remain unchanged.
484:
The concept “real process” in the meaning quantitative structure of production process was introduced in
Finnish management accounting in the 1960s. Since then it has been a cornerstone in the Finnish management accounting theory. (Riistama et al. 1971)
752:
necessitates defining the variable to be maximized (or minimized). After that other variables are considered as constraints or free variables. The most familiar objective function is profit maximization which is also included in this case.
468:
practices. The real process and income distribution process can be identified and measured by extra calculation, and this is why they need to be analyzed separately in order to understand the logic of production and its performance.
387:
have an economic interest in a company. Based on the similarities of their interests, stakeholders can be classified into three groups in order to differentiate their interests and mutual relations. The three groups are as follows:
629:
There are different production models according to different interests. Here we use a production income model and a production analysis model in order to demonstrate production function as a phenomenon and a measureable quantity.
421:
Those participating in production, i.e., the labour force, society and owners, are collectively referred to as the producer community or producers. The producer community generates income from developing and growing production.
732:
In the basic example, the combination of volume growth (+17.00) and productivity growth (+41.12) reports explicitly that the production is on the part of “increasing returns” on the production function (Saari 2006 a, 138–144).
608:
The length of time required for all the factor of production to be flexible varies from industry to industry. For example, in the nuclear power industry, it takes many years to commission new nuclear power plant and capacity.
524:
The production function is a simple description of the mechanism of income generation in production process. It consists of two components. These components are a change in production input and a change in productivity.
501:, i.e., returns and costs. They differ from the factors of the real process in that the components of profitability are given at nominal prices whereas in the real process the factors are at periodically fixed prices.
706:
Based on the accounted changes of productivity and production volume values we can explicitly conclude on which part of the production function the production is. The rules of interpretations are the following:
297:
In order to understand the origin of economic well-being, we must understand these three production processes. All of them produce commodities which have value and contribute to the well-being of individuals.
773:
The procedure for formulating different objective functions, in terms of the production model, is introduced next. In the income formation from production the following objective functions can be identified:
504:
Monetary process refers to events related to financing the business. Market value process refers to a series of events in which investors determine the market value of the company in the investment markets.
605:
The law of diminishing marginal returns points out that as more units of a variable input are added to fixed amounts of land and capital, the change in total output would rise firstly and then fall.
306:
production has a double role: creating well-being and producing goods and services and income creation. Because of this double role, market production is the “primus motor” of economic well-being.
792:
Objective function formulations can be expressed in a single calculation which concisely illustrates the logic of the income generation, the income distribution and the variables to be maximized.
748:
An efficient way to improve the understanding of production performance is to formulate different objective functions according to the objectives of the different interest groups. Formulating the
360:. Accordingly, when production decreases more than factor consumption, this results in reduced productivity. Contrarily, a production increase over consumption is seen as increased productivity.
259:
and technology are sometimes considered evolved factors in production. It is common practice that several forms of controllable inputs are used to achieve the output of a product. The
626:
capability to depict production function as a part of production process. Consequently, production function can be understood, measured, and examined as a part of production process.
1808:
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profit impacts and the change of owner income. This approach is called the dual approach because the framework is seen in terms of prices instead of quantities (ONS 3, 23).
240:
of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption(or consumer) theory of economics.
1256:
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distributed to the stakeholders of production, in this case, 39.00 units to the customers and to the suppliers of inputs and the rest 19.12 units to the owners.
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is an objective function that stems from the owner's interest and all other variables are constraints in relation to maximizing of profits in the organization.
520:
input from the real output we get the real income. The real output and the real income are generated by the real process of production from the real inputs.
953:
1819:
Sickles, R., and
Zelenyuk, V. (2019). "Measurement of Productivity and Efficiency: Theory and Practice". Cambridge: Cambridge University Press.
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Sickles, R., and
Zelenyuk, V. (2019). Measurement of Productivity and Efficiency: Theory and Practice. Cambridge: Cambridge University Press.
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A Multiple Case Study
Research to Determine and respond to Management Information Need Using Total-Factor Productivity Measurement (TFPM)
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behavioural, consumption and productivity changes are a few of the critical elements that significantly influence production economics.
251:. These primary inputs are not significantly altered in the output process, nor do they become a whole component in the product. Under
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Sickles, R., & Zelenyuk, V. Measurement of
Productivity and Efficiency: Theory and Practice. Cambridge: Cambridge University Press
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Gollop, F.M. (1979). "Accounting for
Intermediate Input: The Link Between Sectoral and Aggregate Measures of Productivity Growth".
17:
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simply unviable. There is also a strong link between pricing and consumption, with this influencing the overall production scale.
49:
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production function is an expression of the real process, we could also call it “income generated by the production function”.
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is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and
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period. Accordingly, the changes in real income and income distribution are always equal in terms of economic value.
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subtracted from the function. A producer means here the producer community, i.e. labour force, society and owners.
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gains are distributed, for example, to customers as lower product sales prices or to staff as higher income pay.
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conclusion that the production functions of the company and its suppliers are in a state of continuous change.
149:
1753:
Moroney, J. R. (1967) "Cobb-Douglass production functions and returns to scale in US manufacturing industry",
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The absolute income of performance is obtained by subtracting the real input from the real output as follows:
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Pricing strategy : setting price levels, managing price discounts, & establishing price structures
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identify the point at which production efficiency (returns) can be increased, decrease or remain constant.
247:). Known as primary producer goods or services, land, labour, and capital are deemed the three fundamental
55:
638:
1555:
Genesca, G.E.; Grifell, T. E. (1992). "Profits and Total Factor
Productivity: A Comparative Analysis".
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The production process and output directly result from productively utilising the original inputs (or
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Real process generates the production output from input, and it can be described by means of the
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Loggerenberg van, B.; Cucchiaro, S. (1982). "Productivity
Measurement and the Bottom Line".
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measure, i.e. the real income and its derivatives as a criterion of production performance.
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The production is on the part of “diminishing returns” on the production function, when
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proportionate to the change in prices of the output and inputs and to their quantities.
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The production is on the part of “increasing returns” on the production function, when
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to monitor its effects on production and promote the development of new technologies.
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Productivity. Theory and Measurement in Business. Productivity Handbook (In Finnish)
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1847:– Models of the Cobb-Douglas, C.E.S., Trans-Log, and Diewert Production Functions.
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Craig, C.; Harris, R. (1973). "Total Productivity Measurement at the Firm Level".
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to measure and understand them. The main processes of a company are as follows:
1781:, "Laws of Production and Laws of Algebra: The Humbug Production Function", in
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only the production process is identifiable and measurable by the traditional
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220:(such as metal, wood, glass, or plastics) and immaterial (such as plans, or
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Kurosawa, K (1975). "An aggregate index for the analysis of productivity".
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or by adding one more machine to the production process in the short run.
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Robinson, J. (1953) "The production function and the theory of capital",
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innovation accounts for only about twenty percent of US economic growth.
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process. Factors describing the production process are the components of
263:
assesses the relationship between the inputs and the quantity of output.
1539:
La methode des "Comptes de surplus" et ses applications macroeconomiques
1522:
Courbois & Temple 1975, Gollop 1979, Kurosawa 1975, Saari 1976, 2006
465:
324:
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Interactive contributions of a company's stakeholders (Saari, 2011, 4)
1478:"A short-run production function for electricity generation in China"
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221:
1798:
ed. by Edward J. Nell. Cambridge, Cambridge University Press, 1980.
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Profitability of production measured by surplus value (Saari 2006,3)
167:. Statements consisting only of original research should be removed.
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Førsund, Finn R.; Hjalmarsson, Lennart; Zheng, Jinghai (May 2011).
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The process of calculating is best understood by applying the term
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1764:) "Engineering production functions and technological progress",
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1807:, "Nonlinear Dynamics and Pseudo-Production Functions", 2008.
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Measurement of Productivity and Efficiency: Theory and Practice
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585:
Maximizing productivity also leads to the phenomenon called "
993:"Kotler", P., Armstrong, G., Brown, L., and Adam, S. (2006)
1794:, "Laws of Production and Laws of Algebra – Humbug II", in
764:
Summary of objective function formulations (Saari 2011, 17)
270:
1050:"Production and Welfare: Progress in Economic Measurement"
346:
1747:
803:
429:
1475:
997:, (7th ed.), Pearson Education Australia/Prentice Hall.
1691:. Virginia Polytechnic Institute and State University.
1557:
Omega. The International Journal of Management Science
1257:"Production and Productivity as Sources of Well-being"
1165:
559:
1554:
442:
Main processes of a producing company (Saari 2006, 3)
372:
1717:
Production and Productivity as Sources of Well-being
1541:. 160 des Collect, INSEE, Serie C (35). p. 100.
1091:, London: Macmillan Education UK, pp. 311–320,
508:
1734:. Espoo, Finland: European Productivity Conference.
1634:
Long-term Estimates of U.S. Productivity and Growth
309:
1698:Operatiivinen laskentatoimi (Operative accounting)
1695:
1536:
1234:Quantitative economic theory: a synthetic approach
577:Real income (abs.) = Real output – Real input
1833:, 3r d edition, Prentice Hall, Englewood Cliffs.
1785:, Volume 56(1), February 1974, pp. 115–120.
1631:Jorgenson, D.W.; Ho, M.S.; Samuels, J.D. (2014).
1441:Pindyck, Robert S.; Rubinfeld, Daniel L. (1998).
769:The procedure for formulating objective functions
216:is the process of combining various inputs, both
1852:
1728:Productivity. Theory and Measurement in Business
1482:Journal of Chinese Economic and Business Studies
1440:
954:Productivity improving technologies (historical)
1545:
1276:
1199:O'Sullivan, Arthur; Steven M. Sheffrin (2003).
1123:. William D. Nordhaus (19th ed.). Boston.
1006:
27:Process of using materials to produce something
1587:"Total Factor Productivity: A Short Biography"
1578:Measurement and Interpretation of Productivity
1277:Sickles, Robin C.; Zelenyuk, Valentin (2019).
1007:Sickles, Robin C.; Zelenyuk, Valentin (2019).
725:productivity decreases and volume increases or
714:productivity and production volume increase or
682:
277:. The most important forms of production are:
1060:(3). American Economic Association: 867–919.
381:
728:productivity increases and volume decreases.
662:
531:Components of economic growth (Saari 2006,2)
1816:, Princeton University Press, Princeton NJ.
1403:(6th ed.). Andover: Cengage Learning.
1320:Wheeler, Susan (2012), "Wild Goose Chase",
717:productivity and production volume decrease
64:Learn how and when to remove these messages
1831:Economics of the firm, Theory and practice
1398:
1384:: CS1 maint: location missing publisher (
1264:Doctor of Science in Technology at MIDO OY
1166:Parkin, Michael; Gerardo Esquivel (2001).
1151:: CS1 maint: location missing publisher (
633:
224:) in order to create output. Ideally this
1621:
1598:
1168:MicroeconomĂa: versiĂłn para LatinoamĂ©rica
1118:
1047:
356:is mirror against the economic theory of
201:Learn how and when to remove this message
183:Learn how and when to remove this message
121:Learn how and when to remove this message
1644:
1170:(5th ed.). MĂ©xico: Addison Wesley.
1089:Macmillan Dictionary of Modern Economics
759:
666:
637:
526:
437:
389:
337:
84:This article includes a list of general
1814:Theory of cost and production functions
1757:, vol 6, no 1, December 1967, pp 39–51.
1324:, University of Iowa Press, p. 7,
1319:
347:Behaviour, consumption and productivity
14:
1853:
1783:The Review of Economics and Statistics
1704:
1686:
1640:. Tokyo: Third World KLEMS Conference.
1607:
1584:
1575:
1431:Genesca & Grifell 1992, Saari 2006
1086:
743:
592:
1748:Further references and external links
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1201:Economics : principles in action
1043:
1041:
804:The dual approach for the formulation
430:Main processes of a producing company
616:
132:
70:
29:
1768:, vol 24, September 1975, pp 55–72.
1766:The Journal of Industrial Economics
560:Absolute (total) and average income
24:
1401:Marketing: concepts and strategies
1038:
929:Productive and unproductive labour
879:Outline of industrial organization
854:Cost-of-production theory of value
373:As a source of economic well-being
90:it lacks sufficient corresponding
25:
1877:
1696:Riistama, K.; Jyrkkiö E. (1971).
1537:Courbois, R.; Temple, P. (1975).
1203:. Needham, Mass.: Prentice Hall.
509:Production growth and performance
45:This article has multiple issues.
1775:, vol XXI, 1953, pp. 81–106
1608:Hulten, C. R. (September 2009).
310:Elements of production economics
137:
75:
34:
1580:. National Academy of Sciences.
1516:
1469:
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924:Production possibility frontier
53:or discuss these issues on the
1585:Hulten, C. R. (January 2000).
1283:. Cambridge University Press.
1248:
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1192:
1159:
1112:
1087:Pearce, David W. (1992), "O",
1080:
1054:Journal of Economic Literature
1000:
987:
829:A list of production functions
781:Maximizing the producer income
13:
1:
1700:. Weilin + Göös. p. 335.
1529:
795:The calculation resembles an
318:
1866:Production and manufacturing
1796:Growth, Profits and Property
1668:National Productivity Review
1659:10.1016/0305-0483(75)90115-2
1614:NBER Working Paper No. 15341
1569:10.1016/0305-0483(92)90002-O
1494:10.1080/14765284.2011.568689
1097:10.1007/978-1-349-22136-3_15
980:
974:Second Industrial Revolution
859:Computer-aided manufacturing
784:Maximizing the owner income.
7:
1591:NBER Working Paper No. 7471
1119:Samuelson, Paul A. (2010).
1048:Jorgenson, Dale W. (2018).
816:
738:Production Model Saari 1989
683:Accounting and interpreting
672:Production Model Saari 2004
450:income distribution process
163:the claims made and adding
10:
1882:
1773:Review of Economic Studies
839:Johann Heinrich von ThĂĽnen
778:Maximizing the real income
736:Another production model (
512:
382:Stakeholders of production
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322:
663:Production analysis model
569:Real output / Real input.
1760:Pearl, D. and Enos, J. (
1755:Western Economic Journal
919:Production theory basics
869:Distribution (economics)
18:Production theory basics
1709:. MIDO OY. p. 272.
1548:Sloan Management Review
634:Production income model
236:and contributes to the
105:more precise citations.
1720:. MIDO OY. p. 25.
1680:10.1002/npr.4040010111
1352:Smith, Tim J. (2012).
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395:
1829:Thompson, A. (1981).
1825:10.1017/9781139565981
1550:(Spring 1973): 13–28.
1453:10.1515/9783486784206
1289:10.1017/9781139565981
1255:Saari, Seppo (2011).
1022:10.1017/9781139565981
884:Outline of production
874:Factors of production
849:Industrial Revolution
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459:market value process.
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338:Technological changes
249:factors of production
245:factors of production
1861:Production economics
1845:Production Functions
1812:Shephard, R (1970).
1232:Brems, Hans (1968).
1066:10.1257/jel.20171358
899:Prices of production
292:household production
1705:Saari, S. (2006a).
1687:Pineda, A. (1990).
1610:"Growth Accounting"
1399:Sally Dibb (2012).
914:Production function
824:Adaptive strategies
755:Profit maximization
744:Objective functions
593:Production function
565:productivity ratio
474:production function
453:production process.
261:production function
253:classical economics
1725:Saari, S. (2006).
1714:Saari, S. (2011).
964:Mode of production
949:Productivity model
909:Product (business)
904:Pricing strategies
889:Output (economics)
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148:possibly contains
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1130:978-0-07-351129-0
1106:978-0-333-58280-0
1031:978-1-107-03616-1
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617:Production models
456:monetary process.
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282:market production
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325:Efficiency
319:Efficiency
232:which has
228:will be a
214:Production
157:improve it
86:references
50:improve it
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1419:827191762
1380:cite book
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1242:797732311
1236:. Wiley.
1147:cite book
1139:244764097
1121:Economics
1074:149873457
995:Marketing
981:Footnotes
417:Producers
408:Suppliers
399:Customers
222:knowledge
161:verifying
56:talk page
1219:50237774
1186:47734101
817:See also
218:material
173:May 2023
111:May 2023
864:DIRTI 5
364:Pricing
238:utility
155:Please
99:improve
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