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The development of Swedish GDP

The development of Swedish GDP. Based on Data from OECD Assar Lindbeck in Growth and Economic Policy (in Swedish, Calmfors and Persson eds.). Some growth facts. Swedish growth was higher than all other OECD countries’ (possibly except Japan) between 1870 and 1970 (Maddison data)

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The development of Swedish GDP

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  1. The development of Swedish GDP • Based on • Data from OECD • Assar Lindbeck in Growth and Economic Policy (in Swedish, Calmfors and Persson eds.)

  2. Some growth facts • Swedish growth was higher than all other OECD countries’ (possibly except Japan) between 1870 and 1970 (Maddison data) • 1950-70 about average growth rates (higher if Japan and Germany are excluded). • Much lower growth after 1970, relative to OECD average. • Relative fall has been shared with some other countries, e.g., Denmark. But many countries, both initially richer and poorer, have had better devlopments. E.g., USA, U.K., Irland and Finland. • Real GDP growth relative to OECD has picked up after 1993.

  3. Real GDP per capita relative to OECD average constant 2000 prices and exchange rates.

  4. Real GDP per capita relative to OECD average constant 2000 prices and exchange rates.

  5. Real GDP per capita relative to OECD average constant 2000 prices and exchange rates.

  6. PPP adjustment • Slightly higher fall in PPP adjusted GDP relative to OECD. E.g., U.K. Irland has passed Sweden in PPP adjusted GDP but not in volume. • No clear pick-up after 1993.

  7. Productivity • Productivity growth substantially lower 1970-90 than in OECD (when also female participation increased much more than in OECD). • Substantially higher productivity growth than OECD average during 90’s.

  8. Explanations • No obvious explanations. • Slightly lower capital formation. • No clear signs that human capital accumulation has been relatively low. But low return to human capital accumulation. • Explanations more difficult to validate: • Low degree of competion. • Too high taxes. • Too low incentives to reallocate physical and human resources. • Too many individuals financed via tax-money.

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