Post-War Growth of the Danish Economy

Economic growth in Denmark in the post-war years has been close to the OECD average. The `golden age' of very high growth was, however, of shorter duration in Denmark than in most other OECD countries. The main emphasis in this paper is on the description of productivity performance in the post-war years, and growth performance in a long-run international context. Growth perspectives originating in the 1930s and 1940s are included before the analysis of growth determinants in the post-war years is taken up. Sectoral shifts in production and shifts in relative prices contribute significantly to a reduction of growth some years before the OPEC oil price shocks. Finally, economic policy in the post-war years is discussed with special emphasis on the implications for growth.