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

Dale W. Jorgenson and Khuong Vu ()

Journal of Policy Modeling, 2013, vol. 35, issue 3, 389-399

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.

Keywords: Growth; Investment; World economy; Emerging economies; Official statistics (search for similar items in EconPapers)
JEL-codes: O47 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jpolmo:v:35:y:2013:i:3:p:389-399

DOI: 10.1016/j.jpolmod.2013.03.001

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