Angela
Elite member
- Messages
- 21,823
- Reaction score
- 12,327
- Points
- 113
- Ethnic group
- Italian
See:
https://fee.org/articles/most-of-europe-is-a-lot-poorer-than-most-of-the-united-states/
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Clearly, some countries are more variable, of course.
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In England, the high GDP seems to be the counties around London. How much of that is related to the financial markets? The same is true for southern Ireland, I think, i.e. financial markets.
France, it's just Paris, yes?
Scotland, Norway, oil?
Belgium, perhaps to some extent, the EU headquarters?
"As a quick caveat, it’s worth noting that there’s not a one-to-one link between gross domestic product and actual living standards. Some of the economic activity in energy-rich states such as North Dakota, for instance, translates into income for shareholders living elsewhere in America.But if you look at the US average ($54,629), it obviously is higher than economic output in European nations. And if you prefer direct measures of living standards, then data on consumption from the OECD also shows that America is considerably more prosperous.
None of this suggests that policy in America is ideal (it isn’t) or that European nations are failures (they still rank among the wealthiest places on the planet).
I’m simply making the modest — yet important — argument that Europeans would be more prosperous if the fiscal burden of government wasn’t so onerous. And I’m debunking the argument that we should copy nations such as Denmark by allowing a larger government in the United States (though I do want to copy Danish policies in other areas, which generally are more pro-economic libertythan what we have in America)."
He obviously has an axe to grind. Is there another side of the story?
https://fee.org/articles/most-of-europe-is-a-lot-poorer-than-most-of-the-united-states/
Clearly, some countries are more variable, of course.
In England, the high GDP seems to be the counties around London. How much of that is related to the financial markets? The same is true for southern Ireland, I think, i.e. financial markets.
France, it's just Paris, yes?
Scotland, Norway, oil?
Belgium, perhaps to some extent, the EU headquarters?
"As a quick caveat, it’s worth noting that there’s not a one-to-one link between gross domestic product and actual living standards. Some of the economic activity in energy-rich states such as North Dakota, for instance, translates into income for shareholders living elsewhere in America.But if you look at the US average ($54,629), it obviously is higher than economic output in European nations. And if you prefer direct measures of living standards, then data on consumption from the OECD also shows that America is considerably more prosperous.
None of this suggests that policy in America is ideal (it isn’t) or that European nations are failures (they still rank among the wealthiest places on the planet).
I’m simply making the modest — yet important — argument that Europeans would be more prosperous if the fiscal burden of government wasn’t so onerous. And I’m debunking the argument that we should copy nations such as Denmark by allowing a larger government in the United States (though I do want to copy Danish policies in other areas, which generally are more pro-economic libertythan what we have in America)."
He obviously has an axe to grind. Is there another side of the story?