Thursday, June 23, 2016
Knoema — The world’s largest economy: China or the United States?
Take the defense budget. While the actual figures are a state secret, the reported figures show the US to be greatly outspending China with the implication that the US military is larger than the PLA. That may be a false implication, however, since China has nowhere near the economic rent in military expenditure that the US does. That means bigger bang for the buck since more of the expenditure goes into production.
Real-World Economics Review Blog
The world’s largest economy: China or the United States?