Basic Economics - 5th Edition by Thomas Sowell

Author:Thomas Sowell
Language: eng
Format: mobi, epub
ISBN: 9780465060733
Publisher: Basic Books
Published: 2014-12-01T23:00:00+00:00

1. United States

2. China

3. Japan

4. India

5. Germany{553}

Although China had the second highest Gross Domestic Product in the world, it was by no means among the leaders in Gross Domestic Product per capita, since its output is divided among the largest population in the world. The Gross Domestic Product per capita in China in 2009 was in fact less than one-tenth that of Japan.{554}

None of the countries with the five highest Gross Domestic Products were among those with the five highest GDP per capita, all of the latter being very small countries that were not necessarily comparable to the major nations that dominate the list of countries with the largest Gross Domestic Products. Some small countries like Bermuda are tax havens that attract the wealth of rich people from other countries, who may or may not become citizens while officially having a residence in the tax-haven country. But the fact that the Gross Domestic Product per capita of Bermuda is higher than that of the United States does not mean that the average permanent resident of Bermuda has a higher standard of living than the average American.

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