Economic Development in OECD Countries during the 20th Century

Abstract

We present an analysis of economic growth and cycles in main EU, USA, Japan and other OECD countries during the period 1900-1997, and more detailed data and analysis of main economic aggregates for 25 OECD countries during the period 1964-94, including comparisons of Private and Public Consumption, Investment, External Trade and Population. The economic comparisons have into account both exchange rates and purchasing power parities. Some important aspects of demand and supply are analysed in relation with their influence both on economic growth and cycles. We use exponential rates of growth which are interesting for seeing the important influence that moderation of fertility rates have had in the increase of real GDP by inhabitant in OECD countries in comparison with other areas of the World. OECD countries have been generally advanced in education development and that has been one of the more important factors that explain their good performance during the first and second half of 20th century.