ðə bˈækiːfˈɑːɹhaɪ ɐpɹˈoʊtʃ ɛnˈeɪbəlz ɐ ɡɹˈoʊθ ɐkˈaʊntɪŋ ɪnwˌɪtʃ wˈʌn ˈɪnpʊt fˈæktɚz lˈaɪk lˈeɪbɚ, kˈæpɪɾəl, ænd ˈɛnɚdʒi kæn hæv dəmˈɑːɹ wˈeɪts, dʒˈʌst æz ˈɪndʌstɹiz ɔːɹ fˈɜːmz dˈuː, ænd tˈuː ɪɾ ɪz pˈɑːsᵻbəl tə sˈɛpɚɹˌeɪtli ˈɛstᵻmət ɪfˈɛkts ʌv ˌoʊvɚɹˈɔːl tˌɛknəlˈɑːdʒɪkəl ɪmpɹˈuːvmənt ænd ʌv "ˈæləkətˌɪv ɪfˈɪʃənsi" wˌɪtʃ ɪz hˈaɪɚɹ ɪn pˈɜːfɛkt kˌɑːmpətˈɪʃən ænd lˈoʊɚɹ ɪf pɹˈaɪstəkˈɔst mˈɑːɹkʌps ɑːɹ lˈɑːɹdʒ.
The Baqaee-Farhi approach enables a growth accounting in which (1) input factors like labor, capital, and energy can have Domar weights, just as industries or firms do, and (2) it is possible to separately estimate effects of overall technological improvement and of "allocative efficiency" which is higher in perfect competition and lower if price-to-cost markups are large.