Question
Will China's Standard of Living Ever Exceed That of the United States? Please explain thoroughly with explanations and thoughts. Reference Link; https://media.pearsoncmg.com/ph/bp/bp_hubbard_econ_5/MTC/ch22/MTC2205.html In addition to
Will China's Standard of Living Ever Exceed That of the United States?
Please explain thoroughly with explanations and thoughts.
Reference Link;
https://media.pearsoncmg.com/ph/bp/bp_hubbard_econ_5/MTC/ch22/MTC2205.html
In addition to the first question, please respond to the post on the bottom on your thoughts about if you think China's standard of living will ever exceed that of the United States. Do you agree, disagree with this person's post? Why? Please include all of your thoughts and not short explanations.
Post #1 to respond to;
The way China's economy is going right now, the answer is no, the won't exceed the United States standard of living. China's economy has serious structural issues that, in comparison to the United States, may and will slow its growth in the long run. As a result, it would take many years for China to catch up to the United States in terms of standard of living. By 2037, which is, in my opinion, a very long time, but that does not mean that it is not possible, China's standard of living could possibly surpass that of the United States if the current growth rates in China were to continue at the same or better rates. If China were to maintain its high rate of growth, productivity, and real GDP per capita, which many economists believe is highly unlikely due, primarily, to the country's inability to develop enough new technologies and its aging populationthen Although China has been able to successfully adopt existing technologies from other nations, such as the United States, China is seriously behind in its long-term economic and national growth. Even if China made significant economic advancements and changes, it would still take a long time for them to catch up to other nations like the United States.
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