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The Growth Story: Canada's Long-run Economic Performance and Prospects

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  • Peter J. Nicholson

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    Abstract

    In this lead article, Peter Nicholson, who until recently served as advisor to the Secretary General at the OECD and is currently serving as policy advisor to the Prime Minister, Paul Martin, discusses the long-run economic performance, prospects in Canada, and policy priorities based on the framework and insights that emerged from the recent study of economic growth released by the OECD. He argues that Canada has performed remarkably well since the mid-1990s, and that by the pro-growth policy prescriptions developed by the OECD, Canada is doing most things right. However, Nicholson points out that our productivity gap relative to the United States is still large and growing and that finding ways to increase productivity growth is an increasing social and political necessity. Nicholson develops a scorecard on Canada's economic performance based on a three-star rating scheme. He gives Canada three stars for sound macro policies, human capital, and exposure to trade; two stars for productive investment; and one star, or perhaps a little better, for innovation. Despite this strong performance, Nicholson cautions against complacency, particularly given the demographic challenge the country will be facing in the years to come.

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    File URL: http://www.csls.ca/ipm/7/nicholson-e.pdf
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    File URL: http://www.csls.ca/ipm/7/nicholson-f.pdf
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    Bibliographic Info

    Article provided by Centre for the Study of Living Standards in its journal International Productivity Monitor.

    Volume (Year): 7 (2003)
    Issue (Month): (Fall)
    Pages: 3-23

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    Handle: RePEc:sls:ipmsls:v:7:y:2003:1

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    Related research

    Keywords: Productivity; Canada; Outlook; Macroeconomic Policy; Capital Investment; Trade Exposure; Human Capital; Research and Development; Economic Efficiency;

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    References

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    1. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(02), pages 385-406, June.
    2. Stephen D. Oliner & Daniel E. Sichel, 2002. "Information technology and productivity: where are we now and where are we going?," Finance and Economics Discussion Series 2002-29, Board of Governors of the Federal Reserve System (U.S.).
    3. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2003. "Lessons for Canada from the U.S. Growth Resurgence," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 3-18, Spring.
    4. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA).
    5. Martin Neil Baily, 2003. "The Source of Economic Growth in OECD Countries: A Review Article," International Productivity Monitor, Centre for the Study of Living Standards, vol. 7, pages 66-70, Fall.
    6. Bart van Ark & Robert Inklaar & Robert H. McGuckin, 2003. "The Contribution of ICT-Producing and ICT-Using Industries to Productivity Growth: A Comparison of Canada, Europe and the United States," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 56-63, Spring.
    7. BenoƮt Robidoux & Bing-Sun Wong, 2003. "Has Trend Productivity Growth Increased in Canada?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 47-55, Spring.
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    Cited by:
    1. Andrew Sharpe, 2006. "Lessons for Canada from International Productivity Experience," CSLS Research Reports 2006-02, Centre for the Study of Living Standards.
    2. Andrew Sharpe & Celeste Bradley & Hans Messinger, 2007. "The Measurement of Output and Productivity in the Health Care Sector in Canada: An Overview," CSLS Research Reports 2007-06, Centre for the Study of Living Standards.
    3. Andrew Sharpe & Olivier Guibaud, 2005. "Indicators of Innovation in Canadian Natural Resource Industries," CSLS Research Reports 2005-03, Centre for the Study of Living Standards.

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