Changes in population growth and productivity growth can require decades to take effect, but clearly they can affect countries’ economic growth rates. In the 20th century, the U.S. surpassed Europe as an economic power. Then Japan seemed to sprint forward in the 1970s and 1980s, threatening to take over the world, until the late ’80s, when it fell back into negligible growth. The emerging markets—and especially China—were the site of rapid growth over the last few decades, and while their growth is slower at the moment, they may well outgrow the developed world in the next few decades. India
...more
