Basu, Susanto; Pascali, Luigi; Schiantarelli, Fabio; … - Department of Economics, University of Warwick - 2013
factor productivity (TFP) and by the capital stock per capita. These variables su¢ ce to calculate welfare changes within a … the degree of product market competition. It applies to open economies as well, if TFP is constructed using domestic … absorption, instead of gross domestic product, as the measure of output. Welfare relevant TFP needs to be constructed with prices …