Learning outcomes can be considered to be a key concept in a changing education policy landscape, enhancing aspects such as benchmarking and competition. Issues relating to concepts of performance have a long history of debate within the field of education. Today, the concept of learning outcomes has become central in education policy development, which is possibly focusing on other issues than was previously the case. Drawing on documentary analysis, the Norwegian national budget has been analyzed over a 14-year period to identify how policy makers conceptualize learning outcomes. Findings indicate that policy makers have embraced the concept of learning outcomes through phases of introduction, development and redefinition. They also suggest that policy makers apply one common overall definition, but that this is used differently by changing governments. The findings support an argument that the common understanding of learning outcomes limits discussion about what constitutes valuable learning.