ADB; Felipe, Jesus; McCombie, John2021-10-052021-10-052019-10N/AN/A2313-65372313-6545https://www.adb.org/publications/total-factor-productivity-testing-growth-modelshttps://hdl.handle.net/20.500.14540/5568This paper shows why aggregate production functions seem to work empirically. Aggregate production functions yield high fits and factor elasticities close to the corresponding factor shares because they are approximations to an accounting identity. Authors show through a series of examples why one learns little from the neoclassical growth literature published during the last 6 decades.40Economic dataEconomic researchEconomicsTrade finance