that changes affecting agriculture have large aggregate effects. Thus, it seems reasonable that agricultural productivity …. In fact, agriculture in most developing countries has very low productivity relative to the rest of the economy …. Expanding a low-productivity sector might not be unambiguously good for growth. Moreover, there are issues of reverse causation …

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US … productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However …, the size of the estimated growth rate of total factor productivity depends on an assumption about the factor …