Course on “Productive Efficiency” by Prof. Kalirajan

Dr. Kaliappa Kalirajan, Professor of Economics of Australian National University, offered seminar course on ‘Productive Efficiency’ to PGDM 2016-18 Batch during November 15 & 16, 2016 at SDMIMD.
The central theme of the course was on conveying the importance of productivity with respect to country’s growth emphasising on both empirical and practical applications.The course had focused discussion on the contribution of different factors of production to earn optimal outputs; 
the best practices for optimal productivity; models to measure productivity, which was demonstrated and explained by taking the example agricultural production as the output and labour, fertilizers, land are the contributing input factors that was taken in order to explain the model. Further, ordinary least squares and general least squares method was explained using multiple linear regression model; stochastic model was highlighted to explain the example of agriculture and the limitations of the model as well was explained. 
The day-two of the course introduced the young managers on the sources and factors that influences country’s growth was explained by taking India and Vietnam as the example. Decomposition function during different time periods (say T1 & T2) was used in the process of analysing the reasons for growth. The difference between the actuals, estimates (of outputs & inputs) was calculated to measure the differences in the total factor productivity growth rate.