Two reports out this week showed the dangers of reading too much into such studies.

A report on world competitiveness indicated that the Republic had graduated to membership of the top 10 most competitive economies in the world, up one place from its position in 1998.

The report, compiled by the World Economic Forum, would at first sight give cause for celebration. Among EU states only Luxembourg, Britain and the Netherlands are ahead of the Republic. EU powerhouses Germany and France languish in the mid 20s.

Unfortunately, it followed hard on the heels on a report from the United Nations which showed a sizeable slip for the Republic in "quality of life" and an indictment on poverty levels here.

Does this mean we are all suffering a lower quality of life as our economy becomes more competitive . . . ?