The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between the two depreciation concepts of capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for 1964–2015, we first analyze the role played by capital intensity and TFP in explaining the evolution of labor productivity. The results are substantially different depending on whether we use statistical or economic measures of capital and depreciation. Second, we focus on the paradox of productivity, concluding that the apparent absence of a positive correlation between investment in information and communication technology and the TFP growth rate may be due to the delay effect associated with such investment combined with the statistical under-estimation of true economic depreciation.

总是在解释宏观经济学和经济增长文献中主要难题和悖论的变量总是直接或间接地与资本存量和折旧相关。广义上的折旧仅指物理损耗，但广义上还包括经济恶化和过时。在这项研究中，我们探索了资本深化和全要素生产率（TFP）增长的两种折旧概念之间的联系。我们提出了双重增长会计框架，该框架使我们能够建立统计术语中的变量与经济术语中的变量之间的关系。然后，利用1964-2015年西班牙的数据，我们首先分析资本强度和TFP在解释劳动生产率的演变中所起的作用。结果是完全不同的，具体取决于我们是使用资本还是折旧的统计或经济指标。其次，我们关注生产率的悖论，得出结论认为，信息和通信技术投资与TFP增长率之间显然不存在正相关关系，这可能是由于与此类投资相关的延迟效应以及对统计数字的低估所致。真正的经济贬值。