Tuesday, January 10, 2012

Keynesianism Run Amuck

Beware of economic data collected by governments …

At least part of the reason for China’s spectacular growth numbers of the last 25 years can be attributed to measuring production and output rather than usefulness and well-being.

Case in point: the ghost cities that China has built, with lots of construction jobs, but with no inhabitants.

Later on in the course we’ll discuss “balanced growth” and why it is preferable to the unbalanced kind shown here.

No comments:

Post a Comment