Understanding China's Economy: The Turning Point and Transformational Path of a Big Country
Intro -- Contents -- Part I China's Miracle -- 1 Understanding the Stages of Economic Development -- Demarcating Stages of Economic Development -- The Malthusian Poverty Trap: The Long Dark Night Before the "Grand Divergence" -- Driven by the Demographic Dividend: The Lewis Model -- The Lewis Turning Point and the Middle Income Trap -- Solow's Neo-classical Growth: Innovation Changes the World -- 2 How Fast Has the Chinese Economy Grown? -- Sustained, Rapid Growth: China's Economic Miracle -- The Achievements of China's Economic Growth -- China's Economic Growth is Undeniable -- How to Interpret the Judgment That China Is 'No. 1' for GDP -- On Calculations of China's Potential Growth Rate -- Declining Actual and Potential Growth Rates -- Stimulatory Policies Should Not Be Used to 'Preserve Growth' -- Raising the Potential Growth Rate Through Reforms -- The Chinese Economic Miracle and the Logic of Its Continuation -- 3 Understanding China's Development -- The Riddle of China's Development: A Noble Prize Grade Question -- Researching the Chinese Economy with a Critical Mindset -- Avoiding Biased Mindsets -- Counterfactuals -- Conventional Wisdom -- For Want of a Nail -- Stylised Facts About Economic Growth -- Kuznet's Facts on Modern Economic Growth -- Palant-Prescott Development Facts -- The Kaldor Facts -- The New Kaldor Model -- Decoding the Mystery of the 'Deceleration' of the Chinese Economy -- Why is There a Middle Income Trap -- Old Comparative Advantage Gone, New Comparative Advantage MIA -- Changes to Sources of Growth -- 4 Escaping Misunderstandings About the Relationship Between Population and the Economy -- A Large Population is No Barrier to Economic Growth -- The Ageing of the Population is Inevitable -- The Inevitable Disappearance of the Demographic Dividend -- Labour Supply is a Finite Resource.