Now at Harvard, Professor Sen has taught around the world, and is perhaps most noted for his work on development, human development, poverty, gender and welfare, for which he won his Nobel prize. His wife, economic historian Emma Rothschild, has written for the OECD Observer (The politics of globalisation circa 1773, No 228, September 2001).
For more information, visit http://nobelprize.org/nobel_prizes /economics/laureates/1998/ sen-autobio.html

A floor has now been placed under the banking crisis, albeit at a very high cost to the public purse.

The budget deficit for the OECD area as a whole probably peaked at around 7.5% of GDP in 2010. That’s the equivalent of some US$3.3 trillion. A decrease to around 6.1% of GDP is expected in 2011, which will still be high by historical standards. But while the need to restore public finances is a global challenge, the state of government balance sheets varies widely. Economic starting points, causes of deficits and budgetary strategies also vary. Some countries have started down the road of austerity, others are maintaining stimulus and plan to rein in their deficits from 2011.

In December 2010 we asked finance ministers from a broad selection of countries facing different fiscal challenges–France, Germany, Indonesia, Ireland, Korea, Mexico, New Zealand and South Africa–to answer this question: “What actions is your government taking to bolster public finances, while upholding growth and services?”

Ireland was the fastest growing OECD economy since the mid-1990s. It is now experiencing one of its most severe recessions. What explains this turnaround? How will the Irish economy recover?

Ireland was the fastest growing OECD economy since the mid-1990s. It is now experiencing one of its most severe recessions. What explains this turnaround? How will the Irish economy recover?

Record fall in GDP; Economy; Gender learning; Other news; Soundbites; Plus ça change...

Both the size and the relative incidence or frequency of the foreign-born population have increased in all OECD countries since 1995. So while there have been large increases in traditional migration countries such as the US and New Zealand, there have also been sharp rises in Denmark, Korea, Ireland, Italy, Norway and Spain, where inward migration has recently taken off.

The Irish economy has transformed in recent years. It grew by 5.1% in 2005, half a percentage point faster than in 2004, driven by strong domestic demand and positive net exports. This continued the remarkable performance of the past decade, during which Irish incomes per capita have caught up with the OECD average. The forecast is for more strong growth in 2006-2007, with unemployment (4.2%) to remain relatively low.