By D K Miles

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Note that in recent years, India’s economy has indeed been growing very fast. 35 CHAPTER 3 The Wealth of Nations—The Supply Side T A B L E 3 . 1 Estimated Trend Rates of Growth in Output per Capita Industralized nations have seen trend growth slow over time to around 1–21⁄2%. K. S. ” National Bank of Belgium Working Paper No. 6, (May 2000).

S. GDP, 2002. Manufacturing and agriculture account for a small proportion of modern economies. Source: Bureau of Economic Analysis. spond by demanding more services, which again pushes up the relative price of services. Both these factors tend to boost the size of the nonindustrial sector in the economy. 2 shows that as a country gets richer first its share of manufacturing and then its share of services increase with agriculture declining. In other words, as countries get wealthier they switch towards more higher value added outputs.

Each of these countries has a large number of nationals working overseas who remit some of their income—for that reason GNI exceeds GDP in these economies. Is it best to use GDP or GNI as a measure of the standard of living? The answer is—it depends! By focusing on income, GNI tells us which countries are currently rich. Instead GDP tells us which countries produce the most. S. K. Poland Namibia Mexico Japan Ireland Bangladesh –20 –15 –10 –5 0 5 10 Percent difference between GDP and GNI 15 20 F I G U R E 2 .

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