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"Hexapodia" Is the Key Insight: by Noah Smith & Brad DeLong
PODCAST: Hexapodia LII: Growth, Development, China, the Solow Model, & the Future of South & Southeast Asia
Sep 5, 2023
China's economic growth and its relationship with the Solow model. The views on stimulus and fiscal stimulus by Hayek and von Mises. Exploring Vivik Ravis Swami's ideas and the limitations of 'hexapodia is the key insight'. The potential future of globalization and the growth potential of India. Differences between the party and the aristocracy. The importance of institutions and property rights in economic development.
49:57
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Quick takeaways
- China's heavy investment in capital deepening is reaching its limits, impacting future growth potential.
- Southeast Asia and South Asia have the potential to take over China's export manufacturing role, becoming key players in the global supply chain.
Deep dives
China's focus on capital deepening has its limits
China's heavy investment in capital deepening, driven by a high rate of investment, has allowed it to sustain high growth rates for a while. However, this approach is starting to reach its limits, and the diminishing marginal returns of capital, coupled with rising depreciation costs, are impacting future growth potential.
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