08 October 2010

Easterly on China

I don’t normally bother link to Easterly because you should all be reading him anyway. But this is too good to miss:
I’m saddened to see my favorite magazine [The New Yorker] publish an article seemingly in search of every possible fallacy about growth, the main one being that if you have a high growth rate, then the current autocrats and their economist advisors must be Gods…
… another way of stating China’s rapid growth recipe would be something like the following:
Have a succession of crazy autocrats, political chaos, and war savagely repress one of history’s most inventive peoples, along with not allowing one of the most successful trading diasporas in history to operate in China proper.  Then have things calm down a bit and have somewhat less crazy rulers allow more of the people’s energy and creativity to burst out. Presto, the change from EXTREME NEGATIVE to LESS NEGATIVE is called a “growth rate,” and it will be high. Now accept worship from around the world.

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