BOOMERBUSTER

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Tuesday, November 29, 2016

HOW DO I BREAK IT TO YOU?

Under economic globalization income convergence, average annual income here will gradually, over many years but not all that many, fall to, say, $1,750.

It is very Mickey Mouse for almost any economist to model this trend for you, but they don't normally want to talk about this trend publicly or even in print: it casts them, and the political establishment they must serve, in relation to their society, and to the usefulness of their discipline for that society and establishment, in a rather bad light.

That is not all.

It will keep falling.

Here's another surprise. Places like Zanzibar, now at $250, may not all go up, under global convergence. Places like Zanzibar might ,say, go down from $250 to $200. Why? Global convergence is, how would they put it, ' uneven '.

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