Page 75: Economics focus- An old Chinese myth: Contrary to popular wisdom, China's rapid growth is not hugely dependent on exports. The American government frequently accuses China of relying excessively on exports. But David Carbon, an economist at DBS, a Singaporean bank, suggests that America is starting to look like the pot that called the kettle black. In the year to September, net exports accounted for more than 30% of America's total GDP growth in 2007. Another popular belief looks ripe for reappraisal: it seems that domestic demand is a bigger driver of China's growth than it is of America's. My comment: Consumption sector occupies 2/3 of GDP in USA and in China as well from the rough estimates.(sic)
Page 90: Stockmarkets in emerging economies made handsome returns last year, with most gains looking prettier still when measured in dollars. Of the stockmarkets featured on this page, China's leaped the most, rising by almost 100%.
Page 80: The importance of economics: A black and white case by Thomas Sowell, a professor at Stanford University. "Economic Facts and Fallacies." in the title of the book. Basic Books; 262 pages, $26: Paul Krugman in the New York Times is trying to drag conomics back into the mainstream. The subject needs to stay there i.e. economics lies at the heart of many political issues. Sowell argues now. I have sent my blogs on the nature of Political Economy in the past. Many folks will be infuriated by the arguments in this book. But is would still do them good to read it. My comment: A case of black and white? What about grey color such as Yellow and Brown in the American economy? Food for thoughts!? Francis Shieh. January 14, 2008
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