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Why Small Economies Can Grow Quickly

 
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PostPosted: Sun Jul 06, 2008 2:45 am    Post subject: Why Small Economies Can Grow Quickly Reply with quote

In 2007, U.S. per capita income was $45,000 and China's per capita income was $2,000. If the U.S. gains $700 and China gains $300 for each $1,000 in trade, then U.S. income (or living standards) rises less than 2% and China's income rises 15% (however, unfortunately for China, when social costs are included, the U.S. may capture all the gains in trade).
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