Tuesday, 11 May 2021

Good news you didn't know

These last fifty years have enjoyed "the fastest period of economic growth in history" --  "the average income per person has almost tripled since 1960. Hundreds of millions of people have been lifted out of poverty." 
    "How? Millions joining the workforce every year. Improved productivity, thanks to technological progress, and better management of resources." Oh and of course the death of Mao Zedong, which almost at a stroke rescued nearly a quarter of the world's population from grinding poverty.... 

NB: Data here. Source here. Note that the measure is GDP, which measures flow not stock, and as we know is at best only a proxy for production. But still ...

1 comment:

  1. What a hopelessly selective measure!
    'the average income per person has almost tripled since 1960.'-In OECD countries the 'average' person is worse off today.
    If you see what 1$ bought in the 60's and compare it to today it is clear.
    Tying progress to the death of Mao is a very long bow.
    You could buy a house in Auckland in the 60's for under 20k....same house today $1million....and incomes have tripled!Too funny....!


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