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When Exactly Will China Rule the Economic World?
The American political and chattering classes are obsessed with the rise of China and America’s “economic competition” with the world’s most populous nation. President Obama himself often uses the language of competition to describe the reasons for his policy proposals, like education initiatives that will help us fend off countries like China and India hoping to “out-educate and out-compete” us. And if economics is a competition, then the best measure of success must be GDP, which economists use to measure the total value of goods and services a country produces. In coming years, we’ll hear a lot about ... (full story)
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