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Is ‘complexity’ the key to economic growth?

Amplify’d from www.washingtonpost.com

Is ‘complexity’ the key to economic growth?

Meanwhile, if Hausmann and Hidalgo’s theory is actually right, then the future looks relatively limp for the United States. The authors note that the best way to predict a country’s future growth is to look at the gap between economic complexity and current earnings. On this score, China, India and Thailand have the highest expected growth in the years ahead. The United States, by contrast, ranks 91st. Economies that have already taken full advantage of their existing complexity, like the United States, have few remaining opportunities to move up further. This sounds unduly pessimistic, though it jibes pretty well with Tyler Cowen’s “great stagnation” thesis.

Read more at www.washingtonpost.com

 

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