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This paper provides a review of conceptual and methodological issues in measuring productivity. Attention is given to the concept of productivity and the relationship between productivity and technological change. Different approaches to measuring productivity are surveyed and the results from a number of NZ productivity studies are summarised. The availability of appropriate input and output data is essential for the accurate measurement of productivity and therefore this paper also discusses some important data issues that influence productivity measurement.
The authors would like to thank Bob Buckle, John Creedy, Kevin Fox, Katy Henderson and Grant Scobie for their helpful comments and suggestions on various drafts of this paper.
The views expressed in this Working Paper are those of the author(s) and do not necessarily reflect the views of the New Zealand Treasury. The paper is presented not as policy, but with a view to inform and stimulate wider debate.