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The emergence of the new economic order: Growth in the G7 and the G20

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  • Jorgenson, Dale W.
  • Vu, Khuong Minh

Abstract

The massive reconfiguration of the world economy over the next decade will lead to a New Economic Order by 2020. China will displace the U.S. as the world's leading economy and India will overtake Japan. This will shift the balance of the G20 from the leading industrialized economies of the G7 to the emerging economies, especially China and India. The rise of the Asian model of economic growth will underscore the importance of globalization and will shift the balance of the theory of economic growth from innovation to investment in human and nonhuman capital. The transformation of official statistical systems to reflect these changes is already underway around the world.

Suggested Citation

  • Jorgenson, Dale W. & Vu, Khuong Minh, 2013. "The emergence of the new economic order: Growth in the G7 and the G20," Journal of Policy Modeling, Elsevier, vol. 35(3), pages 389-399.
  • Handle: RePEc:eee:jpolmo:v:35:y:2013:i:3:p:389-399
    DOI: 10.1016/j.jpolmod.2013.03.001
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    References listed on IDEAS

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    1. Dale W. Jorgenson, 2012. "The World KLEMS Initiative," International Productivity Monitor, Centre for the Study of Living Standards, vol. 24, pages 5-19, Fall.
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    Cited by:

    1. Harry X. WU & David T. LIANG, 2017. "Accounting for the Role of Information and Communication Technology in China's Productivity Growth," Discussion papers 17111, Research Institute of Economy, Trade and Industry (RIETI).
    2. Jorgenson, Dale W. & Ho, Mun S. & Samuels, Jon D., 2016. "The impact of information technology on postwar US economic growth," Telecommunications Policy, Elsevier, vol. 40(5), pages 398-411.
    3. Frost, Jon & van Stralen, René, 2018. "Macroprudential policy and income inequality," Journal of International Money and Finance, Elsevier, vol. 85(C), pages 278-290.
    4. Erumban, Abdul A. & Das, Deb Kusum, 2016. "Information and communication technology and economic growth in India," Telecommunications Policy, Elsevier, vol. 40(5), pages 412-431.
    5. Rada, Codrina & von Arnim, Rudiger, 2014. "India's structural transformation and role in the world economy," Journal of Policy Modeling, Elsevier, vol. 36(1), pages 1-23.
    6. Das, Gouranga Gopal, 2015. "Why some countries are slow in acquiring new technologies? A model of trade-led diffusion and absorption," Journal of Policy Modeling, Elsevier, vol. 37(1), pages 65-91.
    7. Jorgenson, Dale W. & Vu, Khuong M., 2015. "Australia and the growth of the world economy: 24th Colin Clark Memorial Lecture," Economic Analysis and Policy, Elsevier, vol. 47(C), pages 90-100.
    8. Dale W. Jorgenson & Mun S. Ho & Jon D. Samuels, 2017. "Educational Attainment and the Revival of US Economic Growth," NBER Chapters, in: Education, Skills, and Technical Change: Implications for Future US GDP Growth, pages 23-60, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Growth; Investment; World economy; Emerging economies; Official statistics;

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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