31 Jul '13, 1pm

Drumbeat: July 31, 2013

Posted by Leanan on July 31, 2013 - 10:16am The Whole World Is Getting Richer, and That's Good News This month the most accurate source for global data on the size of the world’s economies got a makeover. As a result, we have measures of economic growth and relative income across countries that are better than ever. These numbers suggest something surprising: a world of ubiquitously increasing wealth, where predictions of Malthusian traps and permanent poverty look increasingly archaic. ...The Penn Tables provide GDP data for both 1960 and 2010, providing a 50 year window to view global economic progress. It has been considerable. Looking at absolute GDP, no country anywhere in the world for which we have data is smaller today than it was in 1960. The countries that saw the size of their economies less than double since 1960 contain just 80 million people—a little more tha...

Full article: http://www.theoildrum.com/node/10123

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