The following are pages on the 1955 US economy
Interest rates and inflation
Balance of Payments
The Tax Code Ain’t Nearly So Big as Often Claimed
5 minutes ago
Britain’s recovery remains at risk as Prime Minister David Cameron pushes on with budget cuts to reduce the deficit and unemployment near a 16-year high damps consumer spending. Nationwide Building Society’s index of consumer confidence fell in April, leaving the gauge more than 30 points below its average over the last decade.That's right. Austerity policies are a prime reason why the British economy is now in a double dip recession. Let's double-down on this policy.
|Civilian aircraft, engines, equipment, and parts||80,172,454,470.00|
|Petroleum products, other||54,237,010,317.00|
|Other parts and accessories of vehicles||47,365,339,805.00|
|Passenger cars, new and used||47,354,593,365.00|
|Industrial machines, other||45,246,225,629.00|
|Minimum value shipments||30,028,425,150.00|
|Measuring, testing, control instruments||23,742,788,374.00|
|Other industrial supplies||
This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. Being the best at something does not mean that doing that thing is the best way to use your scarce economic resources. The question of what to specialise in--and how to maximise the benefits from international trade--is best decided according to comparative advantage. Both absolute and comparative advantage may change significantly over time.Finally, in using the terms "standard of living," I'm not making a value judgment, but a simple economic explanation of why countries like China and Vietnam are becoming manufacturing net exporters (much the same way that Taiwan and South Korea did before).