In economic jargon, the supply curve of labor was flat but is now sloping upward, so that rapidly increasing demand for labor resulting from rapid growth is driving up wages. That means that China is beginning to “rejoin the human race” as capital accumulation meets scarcer labor and growth slows.
Wednesday, December 1, 2010
China or India
Jagdish Bhagwati analyzes the growth rates for China and India.
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