Termelékenységi

Termelékenységi is a Hungarian adjective form related to termelékenység, or productivity. It is used to describe aspects of how efficiently inputs are converted into outputs within an economy, a sector, a firm, or a process. In economic writing it appears in expressions such as termelékenységi mutatók, termelékenységi növekedés vagy termelékenységi hatékonyság, and serves to qualify measures, comparisons, or changes in productivity over time.

Measurement and types of productivity are central to the concept. Labour productivity refers to output per labor input, commonly measured as GDP per hour worked or per worker. Capital productivity looks at output per unit of capital input. Total factor productivity (TFP), known in Hungarian as teljes tényező-termelékenység, captures the portion of output growth not explained by measured inputs, and is often attributed to technology, innovation, organizational efficiency, and other efficiency gains. Growth accounting frameworks decompose GDP growth into these components.

Determinants and policy relevance: Improvements in productivity are a major driver of sustained living standards, enabling more output with the same or fewer inputs. Key influences include technology, human capital, management practices, infrastructure, institutions, and the overall macroeconomic environment. Policymakers aim to raise termelékenységi through education, research and development, competition, investment, and effective regulation.

Limitations: Productivity measurement faces challenges such as data quality, price adjustments, and hours-worked variation. Cross-country comparisons require careful adjustment, and TFP is often treated as a residual subject to methodological choices and measurement error.