Investment in equipment and new ideas (technological and managerial) are crucial engines of growth. Investing in capital allows existing firms to incorporate new technologies and can be an important part of their strategies to reorganise production processes towards global best practice. The dynamism of innovative new firms which introduce new products and processes is also important for growth...

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Around the 1930s, many countries began developing a systematic practice of keeping national accounts—comprehensive statistical systems that could provide an empirical foundation for economic planning and policy. Different countries approached this task in markedly different ways. And yet, at the same time that various countries worked independently to develop their own methods of national accou...