| Year | GDP growing at 2% | GDP growing at 7% |
| 0 | 100 | 50 |
| 1 | 102 | 54 |
| 2 | 104 | 57 |
| 3 | 106 | 61 |
| 4 | 108 | 66 |
| 5 | 110 | 70 |
| 6 | 113 | 75 |
| 7 | 115 | 80 |
| 8 | 117 | 86 |
| 9 | 120 | 92 |
| 10 | 122 | 98 |
| 11 | 124 | 105 |
| 12 | 127 | 113 |
| 13 | 129 | 120 |
| 14 | 132 | 129 |
| 15 | 135 | 138 |
I'm naturally much more pessimistic than Nick about the West's future, I think - and as a sort of follow-up essay to 'Colossus' Niall Ferguson penned a decent piece for Vanity Fair HERE that rehearses the arguments - but no doubt something we both agree on is the awful damage that socialism does to economic growth; it's a perverse, alien and inimical influence wholly contrary to the national good. If, as Nick suggests, the current bust is enough to push socialism out of British politics for ever all the pain will be worth it.
4 comments:
It isn't possible to sustain those kind of rates once a country has caught up with the leaders. While catching up a country can adopt technology and practices faster than the leaders, but once at the front of the pack productivity growth slows to the rate at which technology is developed. That is why Britain has had pretty much the same trend growth rate for "ever", because we have been at or near the front for a long time. Even the better-placed USA doesn't have a much higher trend growth rate. Japan and Germany boomed post-war while they caught back up with the leaders but have since slowed back down. BRIC will catch up rapidly but will not overtake.
My nasal inuition is along the Blue Eyes lines . It all sounds a little too satisfyingly apocalyptic to me .Things are usually duller .
Oh this reminded me of a lovely ,if antique ,piece of political satire but Lord Dunsay. I have posted on my now ex blog having tracked it down
BOM are going the other way. State intervention is now seen as the ONLY method of avoiding market collapse.
More, not less, socialism seems to be on the cards.
Bill.
For now.
Nick
Post a Comment