Dwarkesh, this paper might interest you. It debunks the notion that Japan's performance was especially poor during the last 30 years, compared to other developed economies. The key is that the old population distorts aggregate statistics. But output per hour growth has been strong. It's called The wealth of working nations and it's by Jesús Fernández-Villaverde, Gustavo Ventura and Wen Yao. https://www.sas.upenn.edu/~jesusfv/Wealth_Working_Nations.pdf
It seems the West look at the slack in China's system for stability as bad, and they want China to experience the boom and bust cycle of the West. We are seeing the results of the boom and bust cycle right now in America. The polarization is destabilizing our country. The typical arrogance of the Discovery Doctrine. We focus too much on efficiency and not enough on the stability of the system. This efficiency Crusade is creating this unstable debt we have right now and the trade war.
"China is trapped: in order to solve their current problems, they keep leaning on financial repression and state-directed investment, which only makes their situation worse."
'Financial repression' = 96% home ownership?
'Financial repression' means 90% of Chinese are richer than the average American?
'State directed investment, which incontrovertibly made China the leading economy, will somehow make it worse? (ROI on 'white elephant' state investments like high speed rail is 6% (Petersen) or 8% (World Bank) depending on who you believe.
I used to think they were poisoning our food to make us sick..."𝐛𝐮𝐭" this changed everything....
https://t.co/7PZgWNOm7n
Dwarkesh, this paper might interest you. It debunks the notion that Japan's performance was especially poor during the last 30 years, compared to other developed economies. The key is that the old population distorts aggregate statistics. But output per hour growth has been strong. It's called The wealth of working nations and it's by Jesús Fernández-Villaverde, Gustavo Ventura and Wen Yao. https://www.sas.upenn.edu/~jesusfv/Wealth_Working_Nations.pdf
Though he is still wrong I think. Like the adjustment in ppp doesn’t change the fact u are buying oil in nominal money
It seems the West look at the slack in China's system for stability as bad, and they want China to experience the boom and bust cycle of the West. We are seeing the results of the boom and bust cycle right now in America. The polarization is destabilizing our country. The typical arrogance of the Discovery Doctrine. We focus too much on efficiency and not enough on the stability of the system. This efficiency Crusade is creating this unstable debt we have right now and the trade war.
"China is trapped: in order to solve their current problems, they keep leaning on financial repression and state-directed investment, which only makes their situation worse."
'Financial repression' = 96% home ownership?
'Financial repression' means 90% of Chinese are richer than the average American?
'State directed investment, which incontrovertibly made China the leading economy, will somehow make it worse? (ROI on 'white elephant' state investments like high speed rail is 6% (Petersen) or 8% (World Bank) depending on who you believe.
Banger Episode