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Applied Economics: Thinking Beyond Stage One by Thomas Sowell

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Chapter 8
The Economic Development of Nations
International differences in economic production are extreme. As measured by purchasing power, Japan has a larger Gross Domestic Product than Russia and Great Britain combined. The United States has a larger Gross Domestic Product than Japan, India, and Germany combined. Indeed, some American states have larger Gross Domestic Products than many nations. New Jersey has a higher GDP than Egypt, for example, and California has a higher GDP than Canada or Mexico. However, a country’s Gross Domestic Product— the total value of its annual output— is not necessarily a reliable guide to its standard of living. Much depends on how many people have to share that output. China has the second highest GDP in ...

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