Chinese Economics Thread
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supercat
Major
In the first quarter of 2024, the growth of China's per-capita disposable income and value-added industrial output outpaced GDP growth at 6.2% and 6.1% respectively, while retail sales of consumer goods rose 4.7%.
There is no such thing as developed. You are either a developing country, or a stagnating/declining country. Back in the day the developed countries were called "industrialized countries". That was simply not true anymore, so they invented a new term to cope. The technology keeps on progressing. Machines and tools needs constant upgrade. Therefore there is no finishing development. If one is not developing, they are stagnating, that is what they are. Stagnating country has terrible grasp of economy, so one should never listen to them, developed or not. A wealthy, 'developed' country listening to their advice will sure to find itself imploding, just as well as any poor developing country.
Within the stagnating country one could roughly split them into 2 categories, the "struggling countries" and "rotten countries". The former are the typical poor 3rd world country that has little human capital or natural resource to facilitate development. They either do not know how to develop, or has no natural affordance. The latter category of "rotten countries" has all the money and education to excel, but cannot put them into productive use. Their economic skill is so bad it cancels out the good dispositional factors. Their grasp of economic is in fact far below poor third world countries. Yes, that means African countries overrun by warlords know economics better than likes of UK.
Doesn't "developed" just loosely imply a certain level of industrialization, infrastructure, population health (life span), literacy...? Countries like the United States can be considered to have been "developed" for ages, but that doesn't imply progress stops.
What?
If having industrial base and education and still having similar performance as an improvished country, then it reflect exceptional poor economic skill. The previous advantage were built by people with better skill. In this world, the more advantage you have, the easier it is to snowball.
Let me use an analogy. Who is the better driver? A novice driver with a minivan, or a guy on a Lambo, but ends up same performance?
The particular example you have of US, is regressing in industry, infrastructure, and average life expectancy.
FriedRiceNSpice
Captain
How are you measuring performance?? Can you name one metric for which there exists a "developed" economy that is not far ahead of any "impoverished" economy?
That is a great example for those specific cases in which that is occurring in the US, but that isn't the case for every developed country. That likely reflects complex social, economic and political problems in the US more then a concept of you are either, "stagnating or developing".
I am making a point about the leaders running the economy rather than the country itself. The so called leader of developed economy knows jack shit.
Their performance is measured by direction of economy. It is very easy to grow according to technological progress when you are already well off. Yet these leader hardly grow economy, sometimes even regressing! This is a reflection of their poor grasp of economy. These people know less about economy than your average third world poor country leaders. If their position are swaped, the western leader run poor country will do worse, and the western developed country run by third world leader will do better.
What is my point to original quote? It is not that advice from leaders of developed economy only applies to developed economy. Their advice is shit no matter who follows it.
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The word 'developed' implies a level of optimal performance that can no longer go up. That is of course ridiculous. The fact is they are so incompetent, that is why their development fail to scale up to technological progress. Development is endless, because it scales to endless technological progress. If you are not developing, you are stagnating. A leadership from stagnating economy is poor leadership, so their advice is garbage!
There will be much gnashing of teeth but eventually they’ll accept reality as is.