While Canada's economic record over the past decade or so is enviable, GDP per capita remains distinctly below US levels, reflecting a sizeable productivity gap. Among the impediments to faster growth are the taxation of capital and restrictive regulations in certain sectors. Canada's experience raises the general question of why it is difficult to implement reforms, even when the barriers to improved performance are known. Peer pressure based on sophisticated benchmarking, as takes place under OECD auspices in the context of the multilateral Going for Growth surveillance, helps overcome some of the political economy hurdles standing in the way of reform. A related issue is whether GDP is a reasonable proxy for well-being, and hence an appropriate metric for policy purposes. It turns out that it is, notwithstanding its shortcomings and even if other indicators need to be considered as well alongside GDP.
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Find related papers by JEL classification: E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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