178. Economic Growth – it’s complicated (preview)
Economists predict GDP growth by looking at business investment, government and consumer spending, plus the net level of exports. In the long term, of course, growth only comes from the products and services you sell and for that the Atlas of Economic Complexity, developed by Harvard University, is a powerful tool. It demonstrates how growth comes to countries with a highly complex mix of products for export – the less complex, the less the growth potential. As Prof Steve Keen says to Phil Dobbie in this week’s Debunking Economics podcast, it is the exact opposite of Ricardo’s argument of Comparative Advantage.
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