The Effect of Total Factor Productivity on Economic Growth: Panel Data Analysis for 15 OECD Countries

Total factor productivity is the main source of prosperity and long-term growth. Increasing efficiency and revenue without changing capital and labor increases total factor productivity. Countries with low total factor productivity are relatively poor, whereas countries with high total factor productivity are richer and developed countries. In this study, the effect of total factor productivity on economic growth for the period of 1995-2016 in 15 OECD countries was examined by panel data analysis. In the series, Parks-Kmenta estimator was used because of the correlation between the units, heteroscedasticity and autocorrelation problems. According to the analysis, a one-way causal relationship was determined from total factor productivity to economic growth. Parks-Kmenta tahmincisinin sonu？lar？na g？re, toplam fakt？r verimlili？indeki bir birim art？？, ekonomik büyümeyi 1.19 birim artt？rmaktad？r