Professor Bhagwati of Columbia University(Economics and Law) says: "India's rise as a major economic player has captured everyone's imagination and also the fears of US workers who feel that they cannot compete with India and China." A review of "India: The Emerging Giant" by Arvind Panagariya(2008). Published by The Washington Post, August 31, 2008 on page F5.
My comment: In order for American workers to be able to compete,training is necessary via community colleges in USA. Cf. "Keys for Economic Understanding" Open competition may be applied to China as well if China would train workers via apprenticeship programs. Both nations need skilled labor in the 21st century.
"Work and Study Cycle Theory" may be vindicated and implemented to enhance productivity in USA and in China. Cf. www.ask.com for reference. That is Sino-American Economics.
On the same page:
Professor Mankiw of Harvard says: "I read Capitalism and Freedom" by Milton Friedman (1962) as a student at Princeton 30 years ago and again more recently when I assigned it for a freshman seminar at Harvard. Friedman's insights into how the economy works and his classically liberal perspective on the role of government are timeless. In this difficult economic time, it is important to keep first principles firmly in mind." My comment: The role of the government in the economy should be stressed even though there are divided views on this issue. However, the most developed nation i.e. USA and the most populous developing nation i.e. China would have the same goal to be aware of the role of the government in the economy for initiative and innovation as I have already sent the view of a Professor at the University of Arizona in the previous blog for reference. That is the gist of Sino-American Economics as well.
Francis Shieh a.k.a. Xie Shihao on September 3, 2008
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