A short but important and controversial question .

Alright My name is Wael Taleb from lebanon , and eventhough i'm not american , i watch your economic almost all your economic updates , and have read the contending economic theories book . My question is , you always mention how the European Union's countries deals with the economy better than the United States, why then is the Combination of the economic indicators (GDP , Economic growth , export of products etc ) are way better in the united states eventhough they have a lower population and less land . Is it just about winning the world war and later the cold war . What about investing in the best people from outside the country , isn't this a successful policy .

Official response from submitted

Comparing the US and EU is a complex project and depends heavily on what indicators or measures you choose to use. If you use GDP, exports, growth rates, then what matters is the period of time over which you compare their respective records. Sometimes Europe grew fast, sometime the US grew faster, etc. If instead you use standards like average standard of living, or standard of living during times of economic crisis, etc. then you get different comparative results. For the last several decades, BOTH the US and western Europe grew much less quickly than China especially but also India and some other countries. What lessons do you wish to draw from that? The drawing of trained workers away from the country that paid to train them so they can instead contribute to other countries who thus save o training costs is a very bad way to do economic development because it exaggerates the income/wealth gap between rich and poor countries. And that threatens global economic growth profoundly.

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