Introduction
Introduction World and country economic growth is a future agenda for national accounts, and the effi- continuing and major interest to many econo- ciency costs and welfare gains from potential tax mists, politicians, policy-makers, media partici- reform. pants, and individuals, as it can impact on the All but one of the next 11 chapters use well-being of countries and individuals. How- KLEMS (capital, labor, energy, materials, and ever, measuring economic growth is a continuing services) data, frequently with a KLEMS pro- challenge, particularly with difficult-to-measure duction model in the analysis.1 Within these factors, such as intangibles, digital and informa- chapters, depending upon the available data tion technology product advances, and produc- and the nature of the analysis, some of the tivity, which can impact on growth. In addition, EMS inputs may not be included and others emerging countries such as China and India are may be added. Chapters cover all Group of 7 taking a greater role in the world economy. (G7) countries (Canada, France, Germany, Italy, This book serves as a foundational resource Japan, the United Kingdom, and the United for graduate students and researchers world- States), all Emerging 7 (E7) countries (Brazil, wide working on growth and productivity and China, India, Indonesia, Mexico, Russia, and related applications. In addition, policy-makers Turkey), all EU-12 countries (Austria, Belgium, can use it as a basis to understand how empirical Czech Republic, Denmark, Finland, France, Ger- results are produced and to familiarize them- many, Italy, the Netherlands, Spain, Sweden, selves with empirical analysis and results of and the United Kingdom) plus Australia, Chile, experts in this important field.
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