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2011 OECD Economic Outlook, Volume 2011 Issue 1

image of OECD Economic Outlook, Volume 2011 Issue 1

The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years.  Prepared by the OECD Economics Department, the Outlook puts forward a consistent set of projections for output, employment, prices and current balances based on a review of each member country and of the induced effect on each of them on international developments.

Coverage is provided for all OECD member countries as well as for selected non-member countries. Each issue includes a general assessment, chapters summarising developments and providing projections for each individual country, three to five chapters on topics of current interest, and an extensive statistical annex. Subscribers to the print edition also have access to an online edition, published on the internet six to eight weeks prior to the release of the print edition. In addition to the usual macroeconomic and country assessments and statistical annex with projection data, this issue of the OECD Economic Outlook also includes special chapters on the persistence of high unemployment and drivers and vulnerabilities associated with international capital flows.

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OECD at 50

Evolving Paradigms in Economic Policy Making

Progress in science is sometimes seen as a continuous increase in the set of accepted facts and theories. But, as shown by Kuhn (1962), periods of continuity are occasionally interrupted by the discovery of anomalies, which lead to a new paradigm, i.e. a new way of perceiving and analysing the subject of study. Even though the “dismal science” has never seen universal agreement on a single paradigm, a succession of paradigms can still be distinguished in the history of economic policymaking. Each paradigm defines “not only the goals of economic policy and the kind of instruments that can be used to attain them, but also the very nature of the problems they are meant to be addressing” (Hall, 1993, pp. 279).

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