Economic fallacy number six in Thomas Sowell's Basic Economics
Sowell is a pathetic hack. you should know enough not to cite anybody that is a regular on that corn-cob-up-the-butt intellectual backwater, the WSJ op-ed page. it's embarraskin'...and: I'm Dissapointed In You, Grace!!!
to think that two things with different prices are actually the "same".
so, like, because they have different prices they automatically have different values? if 1.2 billion people get their hair cut in China while 300 mm people do in the US, but we allocate more value to our GDP for our haircuts, is it really the case that our Hair Stylists have added more "value"?
i grant you that the dude cutting Clinton's Hair on Air Force One while America Waited had some Special Sauce, but speaking more generalissimo, i cannuh bleeve Amurrikuns are four thymes bedder wif skizzers.
what is it, some special sauce that they apply to the blades?
(i just want to know why Americans are so much better than everybody else...)
(PS. this is the point at which you should google "purchasing power parity" so that you can attempt some modicum of a rebuttal, even though you've already doomed yourself by quoting Thomas "As If" Sowell...)
"Wherewithal" means the modicum of income, i.e. the amount of income
fwiw, modicum doesn't mean "amount"; it means, like, a small amount. or, as dictionary.com puts it: "A small, moderate, or token amount" ... granted, "small, moderate, or token" is a pretty apt description of Chinese wages compared to the US, but i'm not sher that's yer point.
dictionary.reference.com
China is coming on strong, I have no doubt, but do the math in terms of GDP per capita
i agree wif you that China will never catch us in terms of GDP per capita...maybe they get close in terms of overall GDP by the time civilization is about to head for the chitter (several decades, bess case). except it's not even a matter of "doing the math"; it's, like, more prima facie than that even. namely, the world will be well past peak oil by the time China's per capita hydrocarbon consumption surpasses that of Mexico, let alone any of the advanced Asian countries (Japan, Korea...), and let-alone-once-removed the USA.
iow, they're farked, but then so are we... |
