Eurocentrism once again

[Brad DeLong]

>So less than 3%.
>Of course, this is not "dialectical"...
>Brad DeLong
>
>
>Another thing, calculations aside, 3% of output implies
>quite a bite out of annual growth.
>
>mbs

Yeah--if the 3% is taken totally from investment and none from 
consumption, it can knock up to 0.5% per year off the growth rate.

Of course, then you have to explain why the benefits from imports 
from poor countries--cheaper clothes at Target, say--go straight into 
savings rather than into a higher standard of living for those who 
shop at Target. That's hard, except in special cases...

Brad DeLong