"The US GDP is about half that of Russia and about 1/3 [of] China's if it is calculated properly – perhaps less if you consider that the GDP is mostly financial transactions".
One would expect the USA to be doing much better than that, since its geographical area is equal to China's and about half of Russia's. Added to which, North America was until very recently a virgin continent - unexploited by industry and commerce - whereas China's and Europe's natural resources have been exploited thoroughly for at least a thousand years.
How to account for the relatively low American wealth and production? To my mind, it has something to do with the state of mind of its owners and rulers. By and large, they are not keen on doing honest work to reap the benefits; they would far rather exploit, cheat, lie, and steal. (As Mr Pompeo boasted 5 years ago, https://inteltoday.org/2019/04/18/mike-pompeo-i-was-the-cia-director-we-lied-we-cheated-we-stole/).
In "The Wealth of Nations", Adam Smith was sometimes very critical of merchants - especially when they had too much power. He wrote of their ‘mean rapacity’ and ‘monopolizing spirit’ and suggested that ‘the government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatsoever’. It seems to me that the USA has, indeed, fallen into the hands of a group of people who could, to a close approximation, be described as "an exclusive company of merchants".
No one gave China crap. Their success in supply side economics and manufacturing is well earned and deserved.
Am glad they are able to evade our idiotic sanctions
Two decades ago we refused to sell them super computers. So they poured Engineering talent into developing a home grown equivalent nearly on par with our best (judged in MIPS)
And the beauty of it is that countries such as Russia, Iran, Brazil, Pakistan etc that we refuse to sell such tech to can buy from China
If our best operates at 200 petraflops and Chinas at 150 petraflops it really doesnt matter that Russia cant buy from us when she can buy from China.
re: US GDP... as I drive around (everywhere in the US) I see great big parking lots full of yellow school busses. That system all adds to GDP, but what does it contribute to the wealth of the country? And this is just one example to support your calculation of US GDP.
I remember an instructor in one of my early computer programming courses, about 1980, saying that AI was of minimal threat to hands on /mechanical functionality due to the cost of interface. Connecting an AI guidance system to a truck on the interstate is tricky and expensive. The real threat was to white collar (level of effort type) jobs. Any job that involved sitting at a desk would eventually be taken over by a computer; the expertise would be downgraded to clerical or replaced entirely. Eventually, even these coders will be replaced by AI. Computers writing Computer code; it is already happening in certain specialty areas.
That is all that chatgp is, high speed processing and pattern recognition within large databases; I am not the one who created the internet meme of AI.
"The US GDP is about half that of Russia and about 1/3 [of] China's if it is calculated properly – perhaps less if you consider that the GDP is mostly financial transactions".
One would expect the USA to be doing much better than that, since its geographical area is equal to China's and about half of Russia's. Added to which, North America was until very recently a virgin continent - unexploited by industry and commerce - whereas China's and Europe's natural resources have been exploited thoroughly for at least a thousand years.
How to account for the relatively low American wealth and production? To my mind, it has something to do with the state of mind of its owners and rulers. By and large, they are not keen on doing honest work to reap the benefits; they would far rather exploit, cheat, lie, and steal. (As Mr Pompeo boasted 5 years ago, https://inteltoday.org/2019/04/18/mike-pompeo-i-was-the-cia-director-we-lied-we-cheated-we-stole/).
In "The Wealth of Nations", Adam Smith was sometimes very critical of merchants - especially when they had too much power. He wrote of their ‘mean rapacity’ and ‘monopolizing spirit’ and suggested that ‘the government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatsoever’. It seems to me that the USA has, indeed, fallen into the hands of a group of people who could, to a close approximation, be described as "an exclusive company of merchants".
Yes, I agree. Smith is generally misunderstood. Because most people don’t read him.
I would recommend that you look up amd subscribe to the youtube channel "inside china business" run by a Western businessman doing business in China.
He breaks down how the Chinese are eating our lunch;
1) evading sanctions,
2) advancing in S.T.E.M graduates,
3) dominating the supply side chain and manufacturing;
4) establishing alternate trading methods that bypass Western banks and monetary systems. etc
Yes, and imagine, all that was done because Americans, the forever capitalists, moved all their industrial base there because it was "cheaper".
You gave China your lunch. So stop complaining that China ate it all.
No one gave China crap. Their success in supply side economics and manufacturing is well earned and deserved.
Am glad they are able to evade our idiotic sanctions
Two decades ago we refused to sell them super computers. So they poured Engineering talent into developing a home grown equivalent nearly on par with our best (judged in MIPS)
And the beauty of it is that countries such as Russia, Iran, Brazil, Pakistan etc that we refuse to sell such tech to can buy from China
If our best operates at 200 petraflops and Chinas at 150 petraflops it really doesnt matter that Russia cant buy from us when she can buy from China.
Cheers to a MULTI polar world
I can second the "Inside China Business" channel. It provides level-headed coverage of the pickle we've put ourselves in.
re: US GDP... as I drive around (everywhere in the US) I see great big parking lots full of yellow school busses. That system all adds to GDP, but what does it contribute to the wealth of the country? And this is just one example to support your calculation of US GDP.
PS. Thanks for all you do! ';-)
Thanks for the thanks. My calculations are based on Arrighi and others.
You pulled the trigger called worry!
Read Victor Hugo 93 to expand your social .
He has a perspective which relates. Your cats are so innocent living in your bliss!
I remember an instructor in one of my early computer programming courses, about 1980, saying that AI was of minimal threat to hands on /mechanical functionality due to the cost of interface. Connecting an AI guidance system to a truck on the interstate is tricky and expensive. The real threat was to white collar (level of effort type) jobs. Any job that involved sitting at a desk would eventually be taken over by a computer; the expertise would be downgraded to clerical or replaced entirely. Eventually, even these coders will be replaced by AI. Computers writing Computer code; it is already happening in certain specialty areas.
No experienced software engineer is worried about A.I
AI is simply
1) huge databases
2) pattern recognition algorithms
3) templates uniting the two
Its not capable of human thought.
That’s why governments and corporations like AI. It’s dumb.
That is all that chatgp is, high speed processing and pattern recognition within large databases; I am not the one who created the internet meme of AI.
AI . Artificial Insanity.