Note 3-59

59 Because growth in added value includes a portion remaining that cannot be explained by increased input of productivity factors such as labor and capital, it is necessary to keep in mind that the growth rate of TFP is affected by factors other than innovation. In addition, some believe, in light of the globalization of corporate activity, that caution should be exercised toward studies that measure R&D investment efficiency only in terms of productivity viewed as domestic added value.