It can be difficult to visualize how big a country’s economy is. I decided to make an area chart to give us an idea of how much of the world’s output is done by only a small fraction of countries. From this, we can see that first 16 or so capture more 75% of the global GDP. That said, of these countries, some are also the largest population wise; China, India, the United States, Brazil, etc. That is a large reason why they command such large economies, but many of them are smaller, population wise. I’ve also made a Continue reading Countries’ GDP Visualized
“When goods are not allowed to cross borders, soldiers will.” —Frederic Bastiat It’s safe to say that the majority of economists agree in favor of free trade and against protectionism. Many argue against political candidates that threaten to end trade agreements, and employ tariffs on Mexico and China. But it’s also important to be aware of some of the problems with free trade: The first problem with free trade is that people use GDP as a conventional argument. Or when economic value is taken away, or created without a price tag. Free trade can dissolve industries with hidden values. People Continue reading Free Trade or Protectionism?