Let us consider the case where capital, such as robots, substitutes for labor. If this is a mere substitution of one unit of labor with one unit of capital and the value added remains the same, the overall productivity will not change substantially because labor productivity will rise while capital productivity declines.
In fact, developments in TFP of various production factors, including the effective use of capital, have differed from developments in labor productivity growth, which has increased significantly (Chart 15). TFP growth has been relatively high in the IT-producing sector, such as for manufacturers of electronic parts and electrical machinery.