OECD
Definition
The Organisation for Economic Co-operation and Development — an intergovernmental body of 38 member countries committed to promoting policies that improve economic and social well-being. The OECD plays a pivotal role in intangible asset and productivity research, producing influential studies on the measurement and economic impact of intangible investment, knowledge-based capital, and innovation. The OECD's work on intangible assets has shaped international accounting standards, tax policy (particularly the BEPS framework for taxing intellectual property transfers), and national statistical methodologies. The OECD Productivity Framework provides standardised approaches for measuring and comparing productivity across countries, while OECD research on knowledge-based capital has demonstrated that firms and economies that invest most heavily in intangible assets achieve the highest levels of productivity and growth.
Complementary Terms
Concepts that frequently appear alongside OECD in practice.
A set of measurement guidelines and statistical standards developed by the Organisation for Economic Co-operation and Development for comparing productivity across countries and sectors. The OECD framework addresses the treatment of intangible investment, quality adjustment, and multi-factor productivity, providing the foundation for international productivity benchmarking.
A measure of productivity that captures the effects of technology, innovation, management quality, and other intangible factors that increase output beyond what can be explained by the quantity of labour and capital inputs used. TFP is calculated as GVA divided by a weighted combination of labour and capital inputs.
The amount of output produced per unit of labour input, commonly measured as gross value added (GVA) divided by labour costs or number of employees. Labour productivity is a key efficiency metric that reflects the quality of human capital, processes, and technology deployed by a firm.
The total monetary value of all finished goods and services produced within a country during a specific time period. GDP is the broadest measure of national economic output and is widely used as a proxy for overall economic health.
An economic system in which growth and value creation are driven primarily by the production, distribution, and application of knowledge and information rather than physical goods. In the knowledge economy, intangible assets — including human capital, software, data, and intellectual property — constitute the majority of enterprise and national wealth.
A classification framework for intangible investment developed by economists Carol Corrado, Charles Hulten, and Daniel Sichel. The CHS framework identifies three broad categories of intangible capital: computerised information (software, databases), innovative property (R&D, design, new products), and economic competencies (brand equity, organisational capital, firm-specific training).
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