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As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.

Toshihiko Fukui

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Toshihiko Fukui
Age: 89
Born: 1935
Born: September 7
Economist
Ōsaka
Human
Accumulation
Humans
Closely
Capital
Related
Research
Development
Capitals
Theory
Intangible
Growth
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Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.
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During the past two decades, inflation has fallen to a low level in major industrial countries.
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The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of family and society will inevitably change.
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However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
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In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run.
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The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge.
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The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
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