In this paper we draw upon a recent body of evidence, with particular reference to material produced in the context of an ongoing OECD project on growth. We present an international comparison with special attention given to development in trends of labour productivity, allowing for human...

The process through which economic policy is conceived and decided cannot be simply described as the optimisation of a well-defined loss function s ubject to the constraints provided by a model of the economy. Even egnoring the forbidding difficulties of eliciting a stable and explicit loss...