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John Cochrane.<\/p>\n<\/div>\n
In a peaceful world other countries should catch up to the US way of doing things. And in the current trend, the US seems to be going out of its way to pursue inefficiency. Holland is a nice place to live. It was the \u201cpowerhouse\u201d of the 17th century. Is it a worse place to live now that other countries have caught up? \u2014 John Cochrane, Senior fellow at the Hoover Institution, Stanford.\u00a0<\/i><\/p>\n
No, China is headed rather rapidly toward zero per cent growth. After a long period of adjustment, it will re-emerge with something like a four per cent growth rate. I am a China optimist for the long-term, but not for the next 10 years. \u2014 Tyler Cowen, Professor of economics at George Mason University, US. <\/i><\/p>\n
No, the only potential competitor is China, and it will hit a wall, or explode, unless it figures out how to make its political system much more open. I see no evidence that the Chinese Communist Party will ever let this happen. \u2014 Eugene Fama, Professor of finance at the University of Chicago Booth School of Business. He shared the Nobel prize in economic sciences in 2013 with Robert Shiller and Lars Peter Hansen for work on the empirical analysis of asset prices.<\/i><\/p>\n Edward Glaeser. Picture: Harvard<\/p>\n<\/div>\n In due time, the US will surely cease to have the world\u2019s largest GDP. Even if per capita incomes in China only grow to 40 per cent of US levels, China will become the larger economy. However, over the past few years, the US has looked somewhat stronger and China has looked somewhat weaker. The US system of decentralised capitalism can also create wasteful investment and overbuilding, but we continue to also have an abundant supply of more productive entrepreneurs. Like Australia, America\u2019s open and free culture abets innovators and encourages start-ups. America\u2019s biggest weakness, which will surely cause us even larger problems in the 21st century, is its education system. \u00a0Edward Glaeser, Professor of economics at Harvard. With a PhD from the University of Chicago. \u00a0<\/i><\/p>\n Yes, eventually. For a while the US will have company from China and Europe. \u2014Michael Spence, Professor of economics at New York University\u2019s Stern School of Business. He shared the Nobel Memorial Prize in economic sciences in 2001.\u00a0<\/i><\/p>\n Not any time soon. Europe could have given the US a run for its money but I think the troubles there will resurface; the single currency is a problem. \u2014 Richard Thaler, Professor of behavioural science and economics at the University of Chicago Booth School of Business.\u00a0<\/i><\/p>\n I doubt it. I would not deny that the economy of the US has structural problems, not least in the areas of education, health and infrastructure. Yet, when we look at China and Europe, potential US rivals, the problems they face seem even bigger. Future prosperity will also depend increasingly on innovation, and there the US still leads by a wide margin. \u2014 William White, Chair of the OECD\u2019s economic and development review committee.\u00a0<\/i><\/p>\n","protected":false},"excerpt":{"rendered":" Adam Creighton writes: \u00a0Some of the world\u2019s leading economists are hosing down fears that the US – and by extension the west – is about to lose its economic hegemony. In the coming few years, even a decade, no. \u2014 … Continue reading <\/p>\n