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MFP |
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Although strong macroeconomic performance, particularly during the Asian economic crisis, contributed to the appeal of this narrative, the crucial element of the story was derived from estimates of multifactor productivity (MFP) developed by the Australian Bureau of Statistics (various years), first published by the ABS in the late 1990s, and presented by the Productivity Commission (Parham 1999, 2000) as evidence of the success of microeconomic reform. Such strong productivity growth--over a period when investment spending wasn't nearly as hot as it was during the second half of the 1990s--tells us that multifactor productivity growth has increased very substantially. Data in this study are taken from the National Bureau of Economic Research's (NBER) records for the beer (SIC 2082), wine (SIC 2084), and spints (SIC 2085) sectors, in conjunction with a Bureau of Labor Statistics' (2000) Multifactor Productivity Index series. |
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