Until Chinese innovation produces better ballpoint pens, the tips for billions of exports will have to be imported from Germany, Switzerland and Japan.
This week’s economic news summary includes the diner’s dilemma and marginal analysis, property rights in outer space, the Phillip’s Curve and unemployment.
An economic development plan that is characterized by a top down command structure, China’s thirteenth five-year plan contrasts with the market’s bottom up.
Ignoring Adam Smith’s ideas, the EU will probably tell us by 2016 that China has a market economy because the World Trade Organization requires a decision.
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