Submitted by Taps Coogan on the 20th of October 2019 to The Sounding Line.
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The following video, from WawamuStats, shows the GDP of the 20 largest economies in the world every years since 1997, with the US and China broken down into their states and provinces.
In 1997, when the video starts, the economy of the state of California was the sixth largest in the world, behind Japan, Germany, the UK, France, and Italy. No Chinese provinces were in the top 20 largest economies. Fast forward to 2018, and California is the third largest economy in the world (excluding the US and China), having outgrown every country in Europe except Germany. Also currently in the top twenty are the Chinese provinces of Guangdong. Jaingsu, and Shandong. India has also risen into sixth place. The UK has slid to fourth, France fifth, and Italy seventh, highlighting the diminishing economic competitiveness of once leading European economies.
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There is a huge flaw in that illustration; the assumption that GDP is a relevant measure, especially as it relates to the “new economy” digital fake work and Central Bank money printing. GDP was more a Quantitative measure of economic velocity rather than some qualitative measure even when GDP was slightly relevant when actual goods and actual services were performed using scarce or at least limited resources. None of that applies to places like CA, which is now an economy run on practically limitless electrons. There is an inherent philosophical break from reality underpinning the loose gauge that is GDP… Read more »