This paper contains the text of a guest lecture delivered by Dr Gomulka to the Nordic Finance Committee at its meeting in Lillehammer, Norway on 21 January 1994. The paper looks at empirical evidence, both economic and political, from the whole area of Central and Eastern Europe and the Former...

As modern economies grow, production and consumption shift towards economic value that reside in bits and bytes, and away from that embedded in atoms and molecules. This paper discusses the implications of such changes for the nature of ongoing growth in advanced economies and for the dynamics...

If official figures overstated the growth of banking output in the UK in the recent boom, does this mean that GDP growth was overstated too? The answer is no. It is truer to say that if banking output was overstated then the output of some other industry or industries must have been understated,...