Measurement and Sources of Productivity Growth under Imperfect Competition

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The relative growth performance of countries using net output will free comparisons from the contentious and differing adjustments made by many statistical agencies in an attempt to take account of quality change in capital goods. Thus, Australia will have a better understanding of its relative performance in terms of growth, and thus be better positioned to make informed policy decisions. In addition, whether productivity growth is mainly driven by technical progress or returns to scale, and the size of monopolistic markups, has a large bearing on how we view the performance of an economy and its potential for future growth.