Does Anyone Really Know What’s Going on with The Economy?

“The Economy” might just be my least favorite over-simplification ever, right behind “Science,” “they say,” and “the Government.” What exactly is The Economy? Before you react with, “Well, of course everyone knows what the economy is,” I just want you to think about it. Define The Economy. It’s kind of hard, right? The problem is that The Economy is a conglomerated self-reflection of an impossibly large number of financial relationships organized into a public and voluntarily Read more […]

We’re Number Two! China Overtakes US as World’s Largest Economy

We’re not number one anymore. The International Monetary Fund just released this year’s economic production numbers and China has officially overtaken the US as the world’s largest economy: The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A. As recently as 2000, we produced Read more […]

China Overtakes US as World’s Largest Economy?

According to the International Monetary Fund (IMF), China has just overtaken the US as the world’s largest economy. Of course, this is not in terms of overall GDP, yet. It’s in terms of purchasing power. As an article in Forbes explains: The simple logic is that prices aren’t the same in each country: A shirt will cost you less in Shanghai than in San Francisco, so it’s not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns Read more […]