The Economic Yardstick That (We Don’t Know) We Need

Please think GDP for a moment. Reported and revised during each quarter, GDP numbers create a reaction. If the growth rate is high, lawmakers assume their policies are working. When the numbers are lower, people wonder how to boost them.…

Why China Wants to be Called a Market Economy

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.

India’s Planning Problems

India has a jute shortage that will affect a lot more than bags. Our story began decades ago with India’s “license raj,” a bureaucratic reign (raj) that followed the British colonial raj. What to produce, who to hire, how much…

Doing Business in Greece

Sometimes getting 100 is not the best grade. In the World Bank’s Ease of Doing Business Index, 183 nations are ranked in terms of the friendliness of their regulatory environment. Greece is #100. One feta cheese maker complained to The Economist last…