Word: oecd
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Dates: during 2000-2009
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...feels like an idea whose time has finally passed. "GDP measures, in a certain sense, how much stuff we can produce that we can drop on an enemy," Alan Krueger - now a top-ranked economist in the Obama Administration - said at the Organization for Economic Cooperation and Development (OECD) World Forum in 2007. "It's natural in the post?Cold War era that we would turn to other measures of how well our society is doing...
...just misleading, it's harmful. Focusing on economic growth blinds policymakers to other measures of progress. "If a policy is going to hurt GDP then it's difficult for that policy to survive," says Jon Hall, who is overseeing a search for better measures of progress by the OECD...
Despite its flaws, GDP has proved hard to replace - if only because it provides a single number which nations can use to measure themselves against neighbors and rivals. At an OECD conference in Korea later this month, attendees will try to develop an array of measures that take into account broader definitions of well-being. They have their work cut out for them. While the tiny Himalayan kingdom of Bhutan measures its gross national happiness, no major economy has followed suit...
...rest of the industrialized world may be in worse shape. To measure excess capacity, economists use a metric called the "output gap," defined as the difference between the potential output of a given economy and what is actually being produced (including services). The Organization for Economic Cooperation and Development (OECD) is projecting that, despite global production cutbacks, the situation is actually getting worse because the recovery will be weak. In 2010 the output gap among 24 OECD member nations is projected to widen to -5.7% - the widest gulf by far in the post-World War II era. (See 25 people...
...According to Jean-Christophe Dumont, an international migration specialist for the OECD, the longer wait could mean the new test actually has the opposite of its intended effect. He points to studies carried out in Europe, the U.S. and Canada that have shown that once granted citizenship, immigrants perform markedly better in the job market than they did while they were waiting to get their passports. "The less certitude there is - the longer the process takes - the less an immigrant might invest in his host country," he says...