It’s kind of annoying to hear fellow American citizens talk about how terrible our nation is. In fact, I’m sick of it.
America is the greatest nation that God has ever allowed to exist on this Earth, (despite all of our faults!)
Usually when I make a reference to America as the only “super-power;” some public school educated moron will pipe up with a claim about how China is “better” economically than the U.S.
Well, when it comes to economics, I’m a complete retard and I don’t like having a “retard” status about anything (at least for long.) So, I embarked on a mission to educate myself on the fundamentals of the discipline.
I found out quickly about Von Mises, and Rothbard. They are true liberal economists, and keep the tradition of the free market alive!
I’ve made the Von Mises website a daily stop on my reading list, and came across this article today by D.W. MacKenzie.
A brief commentary:
MacKenzie identifies how we are to measure a nations economic “goodness.” He says this:
The proof of Chinese success supposedly lies in its GDP statistics. The Chinese have reported astounding economic growth since 1978. The Chinese growth rate has been reported in double digits for many of the past thirty years. Chinese GDP nearly caught up to the United States during this time. At the reported rate of growth Chinese GDP will exceed American GDP in 2012.
He gives examples of anti-free market proponents (like Chomsky) who try and use such GDP statistics to show that free market capitalism is failing, while a government controlled economy is helping China “boom.”
Is this all true though?
Chinese GDP statistics seem to support the case for government regulation of markets, but there is a problem with these data. The problem with the statistics that the Chinese have reported on GDP is that they are exaggerated.
Apparently, the World Bank published a report on the Chinese GDP, that showed at least a 40 percent exaggeration of the statistics.
While it had been thought that China had passed the ten-trillion mark, Chinese GDP is closer to six trillion. Chinese GDP was overestimated by 40%. Chinese GDP is actually half of American GDP, and Chinese per capital GDP is still very low, on average. While it had been thought that 100 million Chinese live on less than one dollar per day, there are actually 300 million Chinese living on less than one dollar per day.
Despite this apparent fabrication, folks like Chomsky, (and the public school morons I deal with) soak up the phony stats.
Sorry folks… I hate to disappoint your anti-free market mindset, but…the liberal ideas that made America great, are tried and true. China even realized this to a degree:
China’s economic progress is actually in line with the nature of its reforms. Modest reforms have produced modest growth.
So, despite China allowing modest economic changes, (moving to a less controlled market) it still has not gone far enough to warrant the phony stats.
God bless America, and God bless the truly Biblical free-market system that we were founded on!