The curvacious Mr. Kuznets: No, I hadn't heard of him either but he is another of those economic swots, like Prof. Laffer, who are able to dig deeply into what is in fact commonsense and then produce very learn-ed papers explaining why it is correct. Thus, in considering some of the problems facing China like their economic inequality then, just like the original 'Laffer curve', Mr. Kuznets produces a neat diagram which, considering that it more or less describes what has happened in a host of countries since the British industrial revolution, can't have been that difficult to do. As countries industrialise economic inequality grows but at a certain point it begins to fall, probably, I guess, as a result of that pesky 'trickle down effect' so hated by the socialists.
I am grateful to Timmy for offering a variation on this theme, as well as introducing me to Mr. Kuznets, in which he shows that one of the truly bad effects of industrialisation is a huge increase in truly nasty polution but that, too, follows the Kuznets curve and eventually decreases. I have absolutely no doubt that China will follow the curve in time.
The non-democratic Democrat party: I provide this link mainly for the benefit of my American friends. Look upon it as a resupply of ammo should you find yourself in a fierce fire-fight with some Lefty Democrat:
http://www.jpattitude.com/DemocratPartyTimeline.php
Needless to say, I have it saved for future reference!
More rumbles to follow . . .
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