GDP problems include that it’s not calculated the same way in different countries, its data can be tough to gather, and its components omit important items.
In refrigerators in developing nations, we can see the impact of affluence on their diet and on supply and demand that will change worldwide food prices.
On a ladder of spending in developing economies, growing affluence first means wheat and meat. Then, climbing somewhat higher, people can afford consumer durables like a washing machine and a car. On a Chinese spending ladder, we could add golf. But it is a…
During the 18th century, Sweden gave cash to its “spies” in England so they could buy copper and iron production secrets. Meanwhile, England issued a patent to a chemist who just returned from Russia with a new brewing method. Moving in the other…
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