America’s Keynesian horror show

I go to Singapore to teach every six months, which is always instructive. On this occasion, I discovered something I didn’t know and would never have guessed - that the growth rate in GDP over the most recent period had
to a more accommodating 16.9%. It has, I admit, come down from the highest growth rate ever, but still you can get by with doubling national income every four or five years. These are growth rates so outlandish they have almost no logical meaning in economies so very different from Singapore’s.

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