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Friday, October 07, 2005


Edward Hugh

The BIS paper makes a very interesting read. Especially the GDP per capita and GDP per hour worked comparisons, and the points on Spain, Italy and Japan.

With ageing and rising dependency ratios, to maintain current levels of GDP per capita you need to boost GDP per hour worked by just enough to compensate for the change in dependency ratio. This clearly isn't happening, and the process is only just begining/about to begin. So I think the onus is firmly on those who hold the 'optimistic' view to explain how they justify holding it in the face of what we have so far seen.

Aşk mektupları

Thank you for this wonderful article ... really very nice - there are such things
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