Economics: The User's Guide by Ha-Joon Chang

Author:Ha-Joon Chang
Language: eng
Format: mobi
ISBN: 9781620408131
Publisher: BLOOMSBURY PUBLISHING
Published: 2014-08-25T16:00:00+00:00

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*1 Just in case, the answers for the others are: the most powerful sports cars, which have engines with over 1,000 horse power; a USB memory stick or an e-reader, if his jacket pocket is large; the nuclear power station; and the desalination plant.

*2 The term ‘gross’ here means that we are not counting depreciation of capital, as explained in Chapter 6.

*3 As of 2010, Finland spent 3.9 per cent of its GDP on R&D, with South Korea following closely at 3.7 per cent. Sweden (3.4 per cent), Japan (3.3 per cent), Denmark (3.1 per cent), Switzerland (3 per cent), the US (2.9 per cent) and Germany (2.8 per cent) are other economies with high R&D spending as a proportion of GDP.

*4 Industry includes things like mining, electricity generation and gas delivery, as well as manufacturing. Sometimes statistics are available only for ‘industry’ as a whole, rather than ‘manufacturing’ only.

*5 According to the World Bank, they are, as of 2009, Sierra Leone (59 per cent), Liberia (58 per cent), the Central African Republic (57 per cent) and Ethiopia (51 per cent).

*6 The shares in 2011 were 28 per cent in Taiwan, 23 per cent in Slovenia and 20 per cent in Germany.

*7 The physical intensity of a natural disaster is much less important than the adaptability of the human community that it affects in determining its impacts. For example, the 2010 earthquake in Haiti, which killed over 200,000 people and has scarred the country for a generation, was only 7 on the Richter scale, which would have killed no more than a handful of exceptionally unlucky people in Japan.

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