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Thus, output growth is the sum of productivity growth and of the separate contributions of labor and capital input, weighted by the elasticity of output growth to each input. T). Growth in output per hour (y- ii) is now equal to growth in multifactor productivity plus the contribution of “capital deepening,” which is the elasticity of output with respect to capital (1 – b) times the growth rate of the capital-labor ratio (k – i). Does the “New Economy” Measure ulp to the Great Inventions of the Past?