About Dale JorgensonDale Jorgenson is the Samuel W. Morris University Professor at Harvard University. He was awarded the prestigious John Bates Clark Medal by the American Economic Association in 1971. He is a Past President of the Association (2001) and the Econometric Society (1987). Jorgenson has been honored with membership in the Americal Philosophical Society (1998), the Royal Swedish Academy of Sciences (1989), the U.S. National Academy of Sciences (1978), and the American Academy of Arts and Sciences (1969).
By Dale Jorgenson. Posted December 7, 2012
The global economy is undergoing a fundamental change. Despite concerns over slowing growth in the People’s Republic of China, India, and Japan, and the possible dissolution of the eurozone, global economic growth is accelerating. How can this paradox be explained? If the global economy is shifting toward the more rapidly growing economies, then the world’s growth rate would shift toward the growth rates of the more rapidly growing economies. Thus, even if the growth rates of the PRC and India were to slow, global growth, which is considerably lower than that of both countries, would accelerate. The growth acceleration will lead to a new world economic order, associated with more rapidly growing countries such as the PRC and India, which are going to have a larger share of the global economy.
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