Labour as a factor of production in the context of gross value added growth in sector A
2014
Novotna, M., University of South Bohemia (Ceske Budejovice). Faculty of Economics | Volek, T., University of South Bohemia (Ceske Budejovice). Faculty of Economics
The present paper deals with identifying the importance of labour factor productivity in the context of gross value added growth in Sector A (Agriculture, Forestry, and Fishing according to NACE-CZ statistical classification) in the Czech Republic. The growth of gross value added was divided into extensive and intensive factor in Sector A and the entire national economy. Intensive factor was measured by total factor productivity. Extensive factor was focused on labour as one of factors of production. It was found that the importance of labour for the growth of gross value added in the monitored sector is not constant, but significantly changing partly in relation to a business cycle. On the other hand, the importance of other sources of growth (total factor productivity and factor of production capital) is acyclic and affected by other impacts.
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