The empirical literature on economic growth agrees that institutions and governance are important determinants of long-run economic growth rates. As a stylized fact, this literature points to a strong correlation between the level of GDP per capita and the general development level of institutions and governance. However, the growth rate of GDP per capita itself, as well as other indicators tha...

Discussions of economic growth usually focus on differences in growth performance. The rapid growth of the 1960s is typically contrasted with the slowdown of the 1970s and 1980s. We contrast the super growth of Asia with the sluggish growth of the European and North-American economies and the economic regression of Africa. In Australian policy discussions, it is particularly common to contrast ...

Against the backdrop of Baumol’s model of ‘unbalanced growth’, a recent strand of literature has presented models that manage to reconcile structural change with Kaldor’s ‘stylized fact’ of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing that the expenditure shifts toward Baumol’s ‘stagnant’ sector stimulate rather than dampen long-term ec...

The paper studies the interaction between public and private spending in a two-stage education framework (K-12 and tertiary education) and their e¤ects on economic growth. We …nd that an increase in the overall educational public spending crowds out the total level of private contributions and increases the share of resources that households devote to K-12 education. For a given public budget, ...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus t...

A greater focus on the role of health systems in health, development, and economic growth has led health policy research and analysis, domestic and global, to scrutinize health financing, insurance, and financial protection. Two World Health Reports (2000 and 2010) [1,2] have called for evaluating health system performance in terms of health financing, and the World Health Organization’s (WHO) ...

By the early 1980s, a number of distinguished economists had amassed compelling evidence that outward-oriented trade policies were far more likely than protectionism to lead to economic growth. The evidence was contained in two multi-country research projects-one at the Organization for Economic Cooperation and Development (OECD), led by Ian Little and others, and the other at the National Bure...

This paper examines the dynamic effects of government outlays on economic growth and the unemployment rate. Using vector autoregression and data from twenty OECD countries over three recent decades, we found: (1) positive shocks to government outlays slow down economic growth and raise the unemployment rate; (2) different types of government outlays have different effects on growth and unemploy...

Pursuant to Article 1 of the Convention signed in Paris on 14 th December 1960, and which came into force on 30 th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus t...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus to ...