Prime Minister Justin Trudeau, Finance Minister Chrystia Freeland and cabinet ministers speak before the tabling of the federal budget at Parliament Hill in Ottawa, on April 16.is that it at least talks about per capita GDP, however briefly. The appalling performance of Canada ’s economy on this crucial measure has been the subject of growing alarm outside of government.
A casual observer might think we had more than enough labour. Indeed, the government is hardly alone in blaming the recent nosedive in per capita GDP on the surge in labour supply. Other things being equal, that should mean less capital investment per worker, and therefore less output per worker. Increasing Canada’s anemic rate of investment is a major part of this. The reason our workers aren’t as productive as workers in other countries is they have less capital – and less up-to-date capital – to work with. Just in the past decade,per worker, to give it its formal name, has fallen from about 95 per cent of U.S. levels to roughly two-thirds. Over the same period, we have fallen from eighth in the OECD to 15th.
Higher rates of investment, however, only get you part of the way. How that investment is deployed is at least as important. To ensure capital is allocated efficiently, you need two things: accurate information on the costs and benefits of different investments, and the incentive to make use of that information.
Opinion Andrew Coyne Coyne Cent Competition Capital Tax Investment Budget Population Canada Statistics Canada OECD Canada
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