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Is Cost Disease Really a Sickness? Rethinking “Unbalanced Growth” in the Age of Automation
The great economist Baumol threw out the “cost disease” half a century ago this concept. At that time, the United States was experiencing unprecedented gold growth. However, from government officials to economists to the general public, “cost disease” is full of out-of-context misunderstandings, making it difficult to make a comprehensive and correct diagnosis and treatment. Fortunately, the Chinese version of Baumol’s book “Growing Trouble: Baumol’s Disease and Its Response” was published in time, which may help stop the spread of specious and dangerous perceptions. 1. The essence of cost disease: the trouble of unbalanced growth There is no denying that cost disease is an annoyance. In 1817, it took four…
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The Legacy of a Visionary: How Keynes’ Economic Theories Shaped Policy and Prosperity Over the Decades
A non-tragic “hero of ancient Greece” April 21, 1946, Easter. John Maynard Keynes, a 62-year-old economics guru, died of a heart attack at Tilton Farmhouse on the southwest coast of England this morning. From 1943 to 1944 he was worn out and debilitated by the Bretton Woods negotiations. Returning from Washington, his health continued to deteriorate. The day before his death, Cairns went to the seaside by car with his wife and mother. On the way back, he felt in good health and decided to go for a walk with Lydia. He described to her a book of poetry he had just bought, and concluded, “All this has but one…
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How Nehru’s Policy Mistakes and Rise of Hindu Nationalism Led to the Collapse of India’s Democratic System
According to estimates by the United Nations, in April this year, India surpassed China to become the most populous country in the world. On June 22, the United States and India issued the “US-India Joint Statement”, declaring that the two countries will vigorously deepen cooperation and sharing in the fields of technology and information. This makes “India’s Rise” once again become a hot topic in international public opinion. Predictions of India’s rise have been heard for the past 30 years. In the 1990s, analysts claimed that India’s growing young population would drive economic liberalization and bring about an economic miracle; in 2006, the World Economic Forum in Davos declared India…
