Jones and Romer's Stylized Facts

Actually this very readable article is titled: "The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital". Kaldor proposed six "stylized facts" about the economic growth process. Jones and Romer propose six new ones. They are (in bold with my comments in plain text after them):1) Increases in the extent of the market. Increased flows of goods, ideas, finance, and people—via

Inflation in China

As a follow up to my post on consumer price inflation in the US here are trends in the last couple of years in China:Credit: CEIC.Whereas the US chart showed the levels of price indices this chart shows the rate of inflation. Inflation is China is currently at 4.9%. The fastest rising category is food, which has a much bigger budget share than the in the US, as is typical of developing economies.

Penn World Table vs. World Development Indicators

Today, we had a presentation from Prasada Rao of University of Queensland on the theory of constructing international comparisons of income. He also covered some more practical aspects concerning the recent new international price comparison benchmark - ICP 2005. As everyone knows, the prices of identical goods vary across countries as exemplified by the Big Mac Index. But actually constructing