How About Europe Learning from Mississippi?

Nesta o Prof. Paul Krugman dançou (post do blog do Prof. Mark Perry, http://mjperry.blogspot.com) de sábado, 18/06)!

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How About Europe Learning from Mississippi?

 

In a New York Times editorial last year titled “Learning from Europe” Paul Krugman wrote:

“The story you hear all the time about Europe — of a stagnant economy in which high taxes and generous social benefits have undermined incentives, stalling growth and innovation — bears little resemblance to the surprisingly positive facts. The real lesson from Europe is actually the opposite of what conservatives claim: Europe is an economic success, and that success shows that social democracy works. The European economy works; it grows; it’s as dynamic, all in all, as our own.”

The BEA recently released data for the amount of GDP produced by U.S. states in 2010 , which allows for a updated comparison of output per capita in U.S. states (Note: Per-capita GDP is provided by the BEA in 2005 dollars, and those amounts have been adjusted to 2010 dollars for comparison to other countries in 2010) to European countries (and Japan and Canada), see table below (international countries are adjusted for PPP).  Key findings:

1.The European Union as a group ($32,700 GDP (PPP) per capita in 2010) ranks below America’s poorest state, Mississippi ($32,764).

2. Even relatively wealthy (by European standards) Switzerland would rank #32 as a U.S. state, behind Georgia.  The countries of Belgium and Germany would rank even lower at #46 and #47, and the U.K., Finland, and France would be close to the bottom of American states, below #48 South Carolina.

3. Spain, Italy, Greece and Portugal all rank below America’s poorest state (Mississippi) for GDP per capita.

MP: Paul Krugman’s assessment of Europe’s economic success bears little resemblance to the surprisingly negative facts, which are actually the opposite of what Krugman claims.  With a few exceptions, the amount of economic output produced per person would rank most European countries among America’s poorest states.  And even America’s poorest states like Mississippi and West Virginia would rank above average among the countries of Europe.  When it comes to economic success, the data suggest that Europe has a lot more to learn from the U.S. than vice-versa.

 GDP per Capita: U.S. States vs. Europe, Japan and Canada, 2010
 Rank   GDP per Capita, 2010
District of Columbia $168,327
Luxembourg $81,383
1 Alaska $70,814
2 Delaware $69,880
3 Wyoming $68,162
4 Connecticut $66,022
5 New York $59,596
6 Massachusetts $58,339
7 New Jersey $55,715
8 Virginia $53,113
9 Colorado $52,205
Norway $52,013
10 California $51,905
11 North Dakota $51,882
12 Minnesota $51,238
13 Maryland $51,224
14 Washington $50,912
15 Illinois $50,581
16 South Dakota $49,741
17 Texas $49,119
18 Nebraska $48,708
19 Hawaii $48,697
20 Oregon $48,590
21 Louisiana $48,068
22 Iowa $46,791
23 Rhode Island $46,688
24 New Hampshire $46,295
25 Nevada $46,136
26 Kansas $44,621
27 North Carolina $44,568
28 Pennsylvania $44,471
29 Wisconsin $43,446
30 Indiana $42,266
31 Georgia $41,720
Switzerland $41,663
32 Utah $41,528
33 Vermont $41,290
34 Ohio $41,240
Netherlands $40,765
35 Missouri $40,515
36 Tennessee $40,239
37 Florida $39,988
38 Arizona $39,910
39 Oklahoma $39,724
Austria $39,634
40 New Mexico $39,475
Canada $39,057
41 Michigan $38,959
42 Maine $38,623
Ireland $38,550
Sweden $38,031
43 Kentucky $37,209
Denmark $36,450
44 Idaho $36,113
Belgium $36,100
Germany $36,033
45 Alabama $36,002
46 Montana $35,895
47 Arkansas $35,161
48 South Carolina $35,034
United Kingdom $34,920
Finland $34,585
France $34,077
Japan $33,805
49 West Virginia $33,738
50 Mississippi $32,764
European Union $32,700
Spain $29,742
Israel $29,531
Italy $29,392
Greece $28,434
Portugal $23,223

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