Recently China’s president Xi Jinping was quoted in saying that China’s GDP growth will be subdued in the foreseeable future, relative to the rapid growth in the past decade. China’s official newspaper Xinhua has put the internal target at 7.5% p.a. for 2013 from a 7.8% p.a. actual figure achieved in 2012, and many are undoubtedly aware that this is a 13-year record low. Exactly how much has the world’s second largest economy grown by and how has China done it?
Recently I came across an interesting paper, which caught my attention as I was questioning the ‘reason’ I must dedicate so much of my life, just to reach (not even push forward) the frontier of knowledge and research. In this paper by Jones (1995) the exact question is addressed and scrutinized in a theoretical and empirical manner. Apart from my personal pondering on the need to dedicate more or less all my youth to become a researcher, why should anyone care about this?