Now, at the end of the 20th century, many OECD countries face serious problems in achieving both prosperity and social cohesion. One important - and sadly neglected - source of these problems are the very policy systems that are meant to address them. I will argue that these policy systems -...

There is surprisingly little macroeconomic empirical research which would support a presumed link between education and development. I identify three major reasons why it remains difficult to estimate the economic relevance of education as a determinant of growth and development. First, most...

With interest rates in most developed countries close to zero, it is not possible for monetary policymakers to stimulate the economy by reducing interest rates. As a result the economy is unusually sensitive to the possibility of deflation, and thoughts turn to fiscal policy in order to...