Is Growth Additive?
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Growth theory is based on the assumption of exponential total factor productivity (TFP) growth, or that the conditional expectation of the next TFP increment is proportional to the current level of TFP. In the U.S., we find strong evidence that TFP growth is conditionally additive, not exponential.
提供机构：
美国国家经济研究局创建时间：
2026-07-01
