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GDP measured in an inflationary currency? I can also write big numbers; here you have one: 123456789. Not very impressive, is it? Mining output of a real world
by gonvaled 11y ago
GDP measured in an inflationary currency? I can also write big numbers; here you have one: 123456789. Not very impressive, is it?
Mining output of a real world, scarce, extremely wanted commodity? Impressive!
- mikeash 11y agoNo, GDP measured/estimated in "real" value. China in 1976 was poor, with little productive capacity, and barely able to feed its people. China today is the manufacturing powerhouse of the world and more or less tied for largest economy on the planet. You can quibble over the exact number, but a couple of orders of magnitude increase in wealth in China is real.
- gonvaled 11y agohttps://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_mktp_kd_zg&idim=country:CHN:IND:USA&hl=en&dl=en#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_gdp_pcap_kd&scale_y=lin&ind_y=false&rdim=region&idim=country:CHN&ifdim=region&hl=en_US&dl=en&ind=false https://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&... China 1976: $166 China 2014: $3865 Growth: 23 times increase -> 2300% Exactly the same as gold production. So yes, increase in gold production is impressive (as is increase in GDP)
- mikeash 11y agoThat's per-capita GDP. The population has also increased substantially. So the increase is more like 4-5000%. Put another way, the gold mining industry has shrunk by 50% relative to the overall economy.