Monday, January 17, 2011
China May Already Be Largest Economy
New estimates of China's economic size based on Purchasing Power Parity show that China may have already passed the US in 2010 to become the world's largest economy.
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5 comments:
Maybe so. But how reliable is the PPP conversion? As per the UN, in PPP terms 1 USD = 17 INR. The mid-market rate is about 45 INR. How is that possible? In the US, food, automobiles, housing, utilities, fuel are all cheaper. Only labour and healthcare are more expensive. Should not the PPP conversion go the other way, i.e. more than 45 INR? Who is their economist? Amartya Sen?
http://unstats.un.org/unsd/mdg/SeriesDetail.aspx?srid=699
Similarly, at PPP 1 USD = approx. 4 Yuan but the mid-market conversion is approx. 6.5. possibly PPP conversion makes no sense. In any case, China is close, to PPP or not to PPP.
Their economist is an unstable quack named Paul Krugman. This guy keeps contradicting himself. You can dig out any statement he made and I will show you that he made the exact opposite statement as well!
OT:
India has objected to any Chinese firm or consortium being given contracts related to the building of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. About 735-km of the proposed pipeline will pass through Afghanistan and another 800-km through Pakistan.
OT: This is so upsetting.
http://www.samachar.com/Hindus-upset-with-Jim-Carrey-NBC-for-mocking-Lord-Ganesh-lbrmJOeiedb.html
Why cant Indian media come up with something like this mocking jesus and mo. Personally I would like to ask jim carey to display the sexual technique by which the pope and his chronies bonk his and his kids' behinds.
Arvind
The profession of economics is heavily corrupted by government. Most of modern economists are Keynesians, who presume that government spending is NOT a waste, does not engender corruption , but rather can revive a moribund economy.
No wonder the conclusions they arrive on are profoundly absurd.
e.g. the debt that government rakes in its attempts to 'revive' economy need never be paid back, and savings is and it needs to be countered by inflation which according to there morons (mostly PhDs) is a good thing.
They are crypto sociallists like our very own ManMohan Singh.
No wonder world is a bad place and every western country is drowning in debt.
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