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What is Multifactor Productivity (MFP)

Chapter 4
Generative AI and Multifactor Productivity in Business
A measure of economic performance that compares the amount of goods and services produced (output) to the amount of combined inputs used to produce these goods and services. MFP considers multiple factors like labour, capital, and technology.
Published in Chapter:
Leveraging OpenAI for Enhanced Multifactor Productivity in Chinese Businesses
Mohamad Zreik (Sun Yat-sen University, China)
Copyright: © 2024 |Pages: 23
DOI: 10.4018/979-8-3693-1198-1.ch004
Abstract
This chapter explores how OpenAI's technologies boost multifactor productivity (MFP) in Chinese firms. MFP measures output efficiency against inputs like capital and labour. The chapter examines China's fast tech adoption and evolving industry. It highlights how integrating OpenAI's algorithms and machine learning improves Chinese companies' operational efficiency, decision-making, and innovation. Case studies show OpenAI's role in optimizing resources, enhancing output, and economic growth in key Chinese industries. The chapter also discusses AI-driven productivity's impact on China's GDP, global competitiveness, and its shift to a knowledge-based economy. It ends with a future outlook on challenges and opportunities in this area.
Full Text Chapter Download: US $37.50 Add to Cart
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Chapter 8
The Impact of OpenAI and MFP on the Labour Market Dynamics of Trinidad and Tobago
MFP is commonly referred to as a measure of economic performance that compares the amount of inputs of capital and labour, with that of outputs utilized in the production process. In particular, it measures the overall productive efficiency with which labour and capital are used in this process.
Published in Chapter: The Impact of OpenAI and MFP on the Labour Market Dynamics of Trinidad and Tobago; From: Generative AI and Multifactor Productivity in Business
Full Text Chapter Download: US $37.50 Add to Cart
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