Part I: Progress in Responding to the 2005 Policy Priorities
Chapter 1. Progress in Responding to the 2005 Policy Priorities: Overview
This chapter provides an overview of the progress achieved by member countries over the past year in taking measures consistent with the policy priorities identified in the 2005 edition. Overall, several important steps have been taken to reform competition-restraining regulations in product markets and towards improving educational outcomes in most countries where this was seen as a priority. However, less progress has been made in responding to priorities in the area of labour market policies.
Chapter 2. Progress in Responding to the 2005 Policy Priorities: Country Notes
This chapter contains information about the progress in implementing reforms in line with the 2005 priorities for individual OECD member countries and for the European Union. In addition to passing of legislation or other decisions to implement reforms, the notes record earlier stages of reform, such as government announcements, and draft legislation presented to parliaments.
Part II. Encouraging Innovation
Chapter 3. Encouraging Innovation: An Overview of Performance and Policies
Innovation has long been a key source of progress in material living standards but the outcomes of innovation efforts are generally highly uncertain and the benefits for society as a whole may exceed those for private firms. To encourage innovation, governments have therefore put in place various measures such as financial support for private R&D projects and funding for research in universities. This chapter provides a cross-country comparison of innovation efforts and outcomes as well as of the main policy areas having an influence on those outcomes.
Chapter 4. Encouraging Innovation: Country Notes
This chapter presents key policy recommendations to strengthen innovation performance for individual OECD countries and for the European Union.
Part III. Thematic Studies
Chapter 5. Regulation of Financial Systems and Economic Growth
This chapter sheds some light on the link between financial market regulation economic growth. Financial systems are found to differ substantially across countries in terms of overall size, structure as well as in the degree of competitive pressures prevailing in the banking and securities markets. To some extent, variations reflect differences in regulatory underpinnings. In particular, regulatory settings that maintain excessively high barriers to competition in banking, provide too little protection for investors in securities markets, hamper development of financial systems, resulting in weaker economic growth.
Chapter 6. Alternative Measures of Well-being
This chapter assesses if GDP per capita can serve as a reasonable proxy of overall well-being. Other national accounts measures are arguably better suited for this purpose but they are not as readily available and are in any case closely correlated with GDP in most OECD countries. Illustrative calculations to 'extend' GDP to include leisure time, the sharing of income within households and distributional concerns suggest that cross-country ranking based on these indicators and GDP per capita are generally similar. Across OECD countries, levels of most measures of specific social conditions are positively related to GDP per capita while changes over time are not. However, survey-based data on happiness and life satisfaction across OECD countries are only weakly related to levels of GDP per capita. Overall, GDP per capita remains critical for any assessment of well-being but needs to be complemented with other measures to get a comprehensive picture of well-being.
Annex A. Structural Policy Indicators
Grouped into an annex, these charts provide comparative indicators covering structural policy areas such as labour markets, education and product market regulation. These indicators enable countries to see their economic performance and structural policies in comparison with others.
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