Not even exactly that - r&d basically always has huge returns for decades or even centuries.
It’s just investing, not prioritising short-term profits … and not having a system where the economy collapses if profits fall, not even necessarily into negative territories. They just need/want infrastructure, so they build it to have it (and profit from externalities of having said infrastructure, not building in some sort of direct profitability features). They want clan air, they pass laws & directives.
It’s not black or white, but def the shade contrasts with western world.
I don’t like the authoritarianism, but I kinda like China’s approach to reorient the economy depending on the needs. Too much economic growth at the expense of public investment, and they will reorient towards more public services and vice versa. This sounds similar to Keynesian economics and I am an old school proponent of Keynesianism.
I could be wrong, but China now surpassed US in terms of R&D spending. That explains a lot.
It’s embarrassing how much the usa is just dropping everything that got them ahead.
We’re spending more on how to get schools to be more like prisons than how to improve people’s lives
And it’s being done without regard for maximizing profit
Not even exactly that - r&d basically always has huge returns for decades or even centuries.
It’s just investing, not prioritising short-term profits … and not having a system where the economy collapses if profits fall, not even necessarily into negative territories. They just need/want infrastructure, so they build it to have it (and profit from externalities of having said infrastructure, not building in some sort of direct profitability features). They want clan air, they pass laws & directives.
It’s not black or white, but def the shade contrasts with western world.
I don’t like the authoritarianism, but I kinda like China’s approach to reorient the economy depending on the needs. Too much economic growth at the expense of public investment, and they will reorient towards more public services and vice versa. This sounds similar to Keynesian economics and I am an old school proponent of Keynesianism.
China is full of engineers, US is full of lawyers.
And MBAs to give the lawyers work while the “consumer” population foots the bill