When the worst crisis in over 50 years struck OECD countries in 2008, people rightly asked why they had not been warned. After all, the information world is awash with economists, global traders and other experts watching the markets, and international organisations such as the OECD and the IMF are tasked with what is known as economic surveillance. Yet, as the former OECD chief economist, Klaus Schmidt-Hebbel, wrote in the OECD Observer (No 269 October 2008), Lehman Brothers’ collapse came as a shock to economists and market participants as well. How did they all get it so wrong?
A major step forward towards putting the measurement of well-being at the heart of policymaking was taken at the OECD’s World Forum on Measuring Well-Being for Policymaking and Development, a four-day international conference held in New Delhi in October.
Did you know that, according to the UN Global Pulse, more data was created in 2011 than in the whole of human history, or at least, since the invention of the alphabet?
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