HM Treasury

UK economy

Economic growth and Government policy seminar: index

12 October 2000

Papers presented at a HM Treasury seminar held at 11 Downing Street on 12th October 2000.


The Government’s central economic objective is to raise the economy’s sustainable rate of growth, and achieve rising prosperity, through creating economic and employment opportunities for all. In order to improve the productivity of the UK economy the Government has made changes to promote macroeconomic stability, reform the labour market and improve the microeconomic environment.

Given the many important contributions to the debate surrounding economic growth in recent years, a number of leading academics and government policy advisers were invited to a seminar at No.11 Downing Street on 12 October 2000 as part of the Treasury’s desire to encourage a dialogue between the academic and policy-making communities on these issues.

We are grateful to all who attended the seminar and,in particular, to those who presented papers and who have kindly agreed to make them available for publication in this volume. As these papers illustrate, the task of raising economic growth involves a number of dimensions including the role of human capital, R&D and competition policy, presenting important challenges for policymakers. The issues raised are interesting and thought provoking and the authors provide an important contribution to the framework for thinking about the policies necessary for raising the sustainable rate of economic growth.

Ed Balls - Chief Economic Adviser to the Treasury

Gus O’Donnell - Managing Director, Macroeconomic Policy and International Finance


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Session One: Growth framework and government policy

Professor Richard Freeman (Centre for Economic Performance, London School of Economics; Harvard University and NBER).

Professor Tim Besley (London School of Economics; Research Fellow, Institute for Fiscal Studies and Program Director, CEPR).

Professor Nick Crafts (London School of Economics).

Dr Nicholas Barr (London School of Economics).

Session two: Human capital

Professor Jonathon Temple (University of Bristol).

Mr Matthew Barnes (Queen Mary, University of London), Professor Jonathon Haskel (Queen Mary, University of London and CEPR).


Session three: Product market/total factor productivity

Rachel Griffith (Institute for Fiscal Studies).

Mr Brian Williamson (NERA).

Professor Alan Hughes (Judge Institute of Management Studies, Cambridge and Centre for Business Research, University of Cambridge).

Professor Colin Mayer (Saïd Business School, University of Oxford).

Session four: Investment

Mr Nigel Pain (National Institute of Economic and Social Research).

Dr Stephen Bond ( Institute for Fiscal Studies and Nuffield College, Oxford).

The views expressed in the papers are those of the individual authors and do not necessarily represent those of the HM Treasury.

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