The biggest of the big: Why US is world's No. 1 economy

Christian Science Monitor ^ | June 12, 2003 | Financial Times

[arkfreepdom]

We're a republic that elects its representatives democratically. :)

[Yardstick]

It is, with half the people.

So how can France, with twice as many people, manage a standard of living comparable to California's (I assume it's comparable) with approximately the same sized economy? It seems to me that there's a disconnect here somewhere. How have the French (apparently) managed to weasel their way into being a bunch of lazy socialist slobs while still retaining a lifestyle?

[ChadGore]

1. US
2. Britain (US spilled blood to keep lierated)
3. Japan (US completly defeated. Marshall Plan rebuilt)
4. France (US spilled blood to keep lierated)
6. Germany (US completly defeated. Marshall Plan rebuilt)

[tpaine]

Yardstick wrote:

So how can France, with twice as many people, manage a standard of living comparable to California's (I assume it's comparable) with approximately the same sized economy?
It seems to me that there's a disconnect here somewhere. How have the French (apparently) managed to weasel their way into being a bunch of lazy socialist slobs while still retaining a lifestyle?



Depends on your yardstick..

Two bits their version of socialism is not really as expensive/extensive as ours.
There are a lot of political games being played with the measuring sticks of economics these days.

[dogbyte12]

Well alot of California's money goes back to the Feds for one. California is the nation's ATM basically. All the California bashers would be really shocked if California became like West Virginia and received $1.40 back from the Feds for every $1 in taxes collected.

Secondly, our money is dispersed throughout the nation. A movie company that makes a lot of money, might be shooting on location elsewhere, and handing out paychecks to people in Texas, NY, etc.

There also is higher quality of life in California. The french do not have 2 SUV's in the driveway etc. On the other hand, by making less money and not getting the SUV, it affords them "the luxury" of not working as much. It is a trade-off. The value of real estate in California is likely to blow people away. I believe in 2000, the combined property value of all home owner occupied residences in California was around $1.75 trillion. yes trillion. The value of Los Angeles county residential real estate alone is a combined $414,640,367,500.

[mikenola]

I'm not sure market capitalization is an accurate way to measure the size of a national economy. It does show the tremendous faith the world has in our companies and markets, despite all the anti-american rhetoric you hear.

In terms of overall economic output , this US still wins.

GDP - purchasing power parity
1. United States 10,082,000,000,000 $
2. China 6,000,000,000,000 $
3. Japan 3,550,000,000,000 $
4. India 2,660,000,000,000 $
5. Germany 2,184,000,000,000 $
6. France 1,540,000,000,000 $
7. United Kingdom 1,520,000,000,000 $
8. Italy 1,438,000,000,000 $
9. Brazil 1,340,000,000,000 $
10. Russia 1,270,000,000,000 $

Per capita GDP (US is first if you discount tax haven countries)

1. Luxembourg 44,000 $
2. United States 36,300 $
3. Bermuda 34,800 $
4. San Marino 34,600 $
5. Norway 31,800 $
6. Switzerland 31,700 $
7. Cayman Islands 30,000 $
8. Canada 29,400 $
9. Belgium 29,000 $
Denmark 29,000 $