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The Source of Economic Growth in OECD Countries: A Review Article

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  • Martin Neil Baily

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Abstract

In early 2003, the OECD released a major report entitled The Sources of Growth in OECD Countries. In the seventh and final article, Martin Neil Baily from the Institute for International Economics, and former Chairman of the U.S. Council of Economic Advisers reviews the report. Baily notes that key findings include: the diversity in GDP per capita growth across OECD countries, largely reflecting differences in labour utilization; the importance for growth of exposure to international trade, sound macro policies and investment in physical and human capital; and the high returns to growth from business sector R&D activities, in contrast to a lack of any positive effect from government R&D. Baily observes that the report fails to discuss ways to improve employment growth, concluding that combining full employment with high productivity is the key challenge currently facing policymakers.

Suggested Citation

  • 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.
  • Handle: RePEc:sls:ipmsls:v:7:y:2003:8
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    File URL: http://www.csls.ca/ipm/7/bailyreview-e.pdf
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    File URL: http://www.csls.ca/ipm/7/bailyreview-f.pdf
    File Function: version en francais, pp:77-82
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Scotland's R&D: problem, or opportunity?
      by Brian Ashcroft in Scottish Economy Watch on 2012-05-12 18:55:08

    Citations

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    Cited by:

    1. Peter J. Nicholson, 2003. "The Growth Story: Canada's Long-run Economic Performance and Prospects," International Productivity Monitor, Centre for the Study of Living Standards, vol. 7, pages 3-23, Fall.
    2. Andrew Sharpe, 2007. "Lessons for Canada from International Productivity Experience," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 20-37, Spring.

    More about this item

    Keywords

    Sources; Growth; Firm Dynamics; Industry; Econometric Growth Model; Europe; United States; Survival; Initial Size; Regulation;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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