Wednesday, January 6, 2010

Tabarrok, Samuelson, and Soviet Growth

So Alex Tabarrok at MR is (posthumously) on Paul Samuelson's case for saying that Russian growth during the 1960s & 1970s would lead to Russia overtaking and perhaps surpassing the US in GDP. Never mind the fact that Professor Tabarrok is taking full advantage of hindsight here. Few folks realized that the Russian economy (or military for that matter - does he chastise Ronald Reagan for overestimating the Soviet military threat?) looked a little more like this:

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