TJ, "average" is the way to measure it. Or, maybe "median" could be used.
Of course some places are going backwards, such as Zimbabwe and South African, which is not surprising.
But even they are doing better in some ways.
Places doing better:
Japan
Russia
China
India
USA
Europe
South Korea
That's a LOT of people. Far more than the "average" and others are doing better too, such as Canada, Australia, NZ, South America, Mexico.
Perhaps it's disappointing to doomsters, but despite high energy prices and various dramas such as Iraq, things are getting better, and quickly.
<<"On average world standards of living are rising in large part because of the widening embrace of competitive free markets, especially by populous and growing China and India," he said.
A copy of his prepared remarks were distributed in Washington.
Since the autumn of 2001, global gross domestic product per capita has grown more than 8 percent, Greenspan said. Growth in developing Asia, where so many of the world's poor reside, has been considerably faster, he added.> >
Hooray for Uncle Al KBE!
He will go out at the end of the script I thought would start way back in May 1999 and finish only a year or two later. Good for him. It has been a lengthy and deep valley from Y2K interest rate highs, down to 1%, and back up again to "neutral" interest rates, which won't arrive until Big Ben has taken over and done one Happy Meal increase, just for fun and to show he's sticking with good management.
He can justifiably consider he has done a pretty decent job.
Mqurice |
