Jessi,

I see you are well read. Of course the authors you have read tend to conflict with each other and the facts in the world at large. To believe that China, for example, will have the world’s largest economy based solely on population is a delusion. Actually, India has more people. They also have on average a younger population. Demographics make a difference as the Chinese, like the Japanese, have a rapidly aging population due to their one child per family. But the structural causes of economic growth also have to do with credit and the amount of debt that has been leveraged. If you never question what you know and always rely on experts you will always be disappointed. There is a revolutionary movement in economics that has been questioning the basic assumptions held by the various economic experts. But if you don’t do the research you will never know just how much you hold dear is so wrong. The science of economics, and it is not a science, is based on observed events. Says law was a supposition put forth to justify excessive spending by the French King. Yes, one can point to some of the popular impulses of social spending. But consider, if I start a factory to manufacture buggy whips, how many will I sell? Certainly not millions. Fads come and go. Ever hear of the Hula Hoop? Millions were sold and thousands more were left unsold in warehouses. Yet economist after economist swear that Says law is absolutely true. However, I digress. Believe what you are taught and what you read, but don’t be surprised when you learn that much of what you hold as knowledge turns out to be false.

williambean2014

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