This book studies the idea behind the comprehensive development of total factor productivity and the index number innovations. The volume also analyses the measurement of productivity growth and the usefulness of GDP measurement as well as perennial problems in measurement of output of certain...

The economic life cycle is characterised by three distinct phases: two phases of economic dependence and one phase of economic independence. In most societies, children consume resources generated by adults, transferred to them by family or by the public sector. The elderly, in turn, possess an...