EC301 Irish Economy

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EC301 Irish Economy

• Topic 4
• Growth, Innovation and Science Policy in Ireland
• (1st set of slides)
• Readings
• Honohan and Walsh (see earlier)
• Kane Rationales for Science, Technology and
  Innovation Policy in Ireland 2001.

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Topic 4 Growth, Innovation and Science Policy in
Ireland

• (a) Irish economic growth performance and
  explanations
• Definitional/measurement issues/data sets
• The statistical record
• Explanations
• (b) Growth, innovation and science policy
• Conceptual issues
• The sea-change in Irish innovation policy
• Rationales for innovation policy in Ireland

3
Economic growth Definitions/measurement
issues/data sets

• Levels vs rates of change (growth)
• Aggregate income vs. per capita vs. per worker
• Real vs nominal
• Stocks vs flows
• Purchasing Power Parity (PPP) adjustment
• Circular flow of income model gt
• income expenditure output
• GNP vs. GDP distinction

4
GNP vs GDP distinction

• GDP total output produced by domestically
  resident factors of production
• ? total income received by nationals
• since some factors of production are
  foreign-owned
• e.g. given FDI, some income flows out as profit
  repatriation
• Better measure of income
• GNP GDP NFI

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Datasets

• CSO web site
• www.cso.ie then Database direct/Main data
  dissemination service
• Penn World Table PWT 6.2
• The Penn World Table provides purchasing power
  parity and national income accounts converted to
  international prices for 188 countries for some
  or all of the years 1950-2004.
• PWT6.2Alan Heston, Robert Summers and Bettina
  Aten, Penn World Table Version 6.2, Center for
  International Comparisons of Production, Income
  and Prices at the University of Pennsylvania,
  September 2006.
• at http//pwt.econ.upenn.edu/
• OECD
• www.sourceoecd.org (NUI Galway subscription)

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