Putting a value on economic reforms

Structural economic reforms can boost living standards through long-run trade and output gains. The OECD have long advocated such reforms. But now they've estimated the likely benefits from a package of regulatory reforms - and they're not small. According to a new OECD Economics Working Paper, The Benefits of Liberalising Product Markets and Reducing Barriers to International Trade and Investment in the OECD, "such reforms could lead to gains in GDP per capita in OECD countries of up to 4 to 5 per cent."

The package includes reforms that reduce competition-restraining regulations, cut tariff barriers and ease restrictions on foreign direct investment to "best practice" levels in the OECD area.

...As the analysis is confined to a relatively narrow set of policies and abstracts from potential dynamic effects from reform-induced increase in innovation, the overall gains from broad reforms could be significantly higher than reported in the paper.

The additional gains possible from reform of labour and financial markets are not included, but they would certainly give an additional boost to productivity and growth. A useful summary of what might be possible if politicians had more courage.

Comments

[Lord]

What is needed is actual improvement in peoples lives. Once this occurs then there will be ample opportunity to advance the agenda. If it does not improve peoples lives, then the benefits have been grossly overestimated. Politicians should follow rather than lead on this one.

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