Last modified: Friday 03 February 2012

Danny Quah LSE
Economics Department



What appears here are just the latest items. Over time, earlier items migrate to the running store in this new format. Even earlier information remains available for now but in the old format.


QUICK INFORMATION

D.Quah picture - taken by Ng
                Wei-Li 2008.05.26 LSE Malaysia Alumni lecture [Photo from 2009.06.29 LSE Executive Summer School]

I am Professor of Economics and Kuwait Professor at the LSE.

I write about the shifting global economy and the rise of the east. I try to make large things visible to the naked eye.

I am a member of the World Economic Forum Global Agenda Council on Economic Imbalances; and I serve on the Editorial Boards of East Asian Policy, Journal of Economic Growth, and Global Policy, and on the Advisory Board of OMFIF Education.

At LSE I am also Senior Fellow at LSE IDEAS, Senior Research Associate at the Centre for the Study of Human Rights, and Chair of the Board of the LSE-PKU Summer School. I am Tan Chin Tuan Visiting Professor in the Economics Department at the National University of Singapore. May-June 2010, I was visiting professor of economics at Tsinghua University, Beijing; April 2011, Nanyang Technological University, Singapore. I served on Malaysia's National Economic Advisory Council, 2009-2011.

Academic Google Scholar Citations | LSE eprints | CV [2012.01] | 2-page version [2009.04]

Research: Economic growth.  Global economy.  Income distribution and inequality.  Technology.

Teaching: Macroeconomics. Econometrics. Global Economy.

Other: Taekwon-do

CONTACT BY EMAIL


TEACHING:

  • Office hours Fridays 3-5pm, 50L.2.05 (previously M206)
  • LSE100 - Module 4: Financial Crisis (October 2011, with Howard Davies and Jeff Chwieroth)
  • Ec100 - Economics A (Spring term 2012)
  • Ec230 - Economics in Public Policy (Fall term 2011)
  • Ec413 - Macroeconomics (Fall term 2011)
  • Ec402 - Econometrics (Spring term 2012)
  • IR443 - MSc Diplomacy and International Strategy:  Strategy in a Changing World (Fall term 2011, with LSE IDEAS faculty)
  • LSE-PKU Ec204 The Global Economy (Summer 2012, Beijing, 6-17 August 2012)

2007
                  July graduation (2007.07.13) Being part of LSE's graduation in the brilliant London summer sunshine.




MY RECENT WRITINGS, WITH MATHEMATICS:

January 2011 The Global Economy's Shifting Centre of Gravity Global Policy vol. 2, issue 1, January 2011, pp. 3-9.

May 2010 Post-1990s' East Asian Economic Growth Chapter 1, pp. 19-42, in Takatoshi Ito and Chin Hee Hahn (eds.), "The Rise of China and Structural Changes in Korea and Asia," Edward Elgar, Northampton MA, USA. Working paper version.

05 May 2010 The Shifting Distribution of Global Economic Activity Incomplete. PDF (16 pages, 708Kb)

14 October 2008 Life in unequal growing economies. (Technical manuscript) Incomplete, very rough draft PDF (49 pages, 1.27Mb)

April 2007 Growth and distribution. Technical manuscript. Incomplete, very rough draft PDF (139 pages, 608Kb)

[More]...
[The online CV also contains clickable links to older papers.]


SELECTED OLDER WRITINGS (with and without mathematics):

Growth and distribution: 1/3 world's growth and inequality, 2003 | Spatial agglomeration dynamics, 2002 | New empirics..., 1999 (with Steven Durlauf) | Empirics for..., 1997 | Twin peaks, 1996 | [More...]

Technology: Oxford Handbook ICT, 2007 | Newsweek, Knowledge Revolution, 2006 | Digital goods.. new economy, 2003 | Market creativity.. IPRs, 2002 | Spatial agglomeration dynamics, 2002 | Technology dissemination, 2002 (in Bai and Yuen, eds.) | Weightless economy, development, 2001 (in Pohjola, ed.) | Weightless economy, UNESCO Courier 1998 | [More...]

Business cycles: Core inflation, 1995 (with Shaun Vahey) | Permanent, transitory, 1992 | Consumption smoothness, 1990 | Dynamics, demand and supply, 1989 (with Olivier Blanchard) | [More...]

Other: Martial arts...mean streets of East Asia, 2008.11 | Pop music, 2007.12 | Confidence of nations, 2007.09 | LSE graduation, 2007.08 | Hayek, 2007.03 | [More...]




OTHER PLACES I UPDATE:


   WordPress    facebook  Twitter  Weibo  Blog Sina LinkedIn YouTube   About Me
I blog on WordPressWordPress and Blog.SinaBlog Sina, and I tweet on Twitter Twitter and Weibo Weibo.

MY MOST RECENT ACTIVITY:

2012.01.24 Blog: Journals serving as Tombstones 学 术期刊只是墓碑
“... how does the new generation get validation when the old people, apart from those like Krugman, don't "get" the new tools? That inner group with the yellow jackets isn't going to just roll over without a fight”
(Also Social Science Space 24 January 2012; 学 术期刊只是墓碑, 24 January 2012; LSE Impact of Social Sciences 30 January 2012)

2011.12.28 Blog: A small proposal to rebalance the global economy: Just let China grow 28 December 2011
“Rich Chinese consumers have no difficulty increasing consumption.”
(Also EconoMonitor 30 December 2011; China.org.cn 02 January 2012; The Edge Malaysia 09 January 2012; 让 中国尽快变得富有, 12 January 2012; Rebalancing the global economy needn't be painful – just let China grow, The Guardian, 17 January 2012)

2011.12.23 Blog: Prof M. E. Cox on “A new world economic order? Views from the LSE” 23 December 2011
“Has the US been robbed of its unipolar moment?”
(Also LSE Comment and Opinion January 2012)

2011.12.13 Blog: Clash at ERC: The UK and the Eurozone in the Shifting Global Economy 13 December 2011.
“Why do UK exports, apart from higher education, head so much only to slow-growing economies?” 
(Also Our exports now go mostly to the slow-growing economies, at British Politics and Policy 13 December 2011; The UK and the Eurozone in the shifting global economy, at China.org.cn and The Edge Malaysia 19 December 2011; EconoMonitor 21 December 2011; The Guardian 13 January 2012;  英 国与欧元区:其在变动的世界经济中的位置, 15 January 2012)

2011.12.12 Blog: The LSE Big Questions Lecture: Organized Common Sense 12 December 2011
“I don’t mumble into my beard so that the audience has no idea what I just said [I’m ethnic Chinese and we don’t grow beards easily].”
(Also Social Science Space 29 December 2011; “Engaging young people in big ideas” LSE Impact of Social Sciences 14 December 2011)

2011.12.10 BBC World Service - The Forum. Steps for economic recovery: Redrawing the map of the global economy. Discussion with Robert Skidelsky and Timur Kuran; chaired by Bridget Kendall.
Broadcast Saturday 10 December 2011 2305h, Sunday 11 December 0205h, Sunday 11 Dec 2011 0905h GMT.
Facebook discussion page

2011.12.08 Blog: The Great Shift East: The World According to Americans 08 December 2011
“People say the darndest things.”

2011.12.06 Inaugural LSE Big Questions Lecture: East beats West?  Is the East taking over the world?
Big questions for young minds: LSE launches new economics lecture for young people online
Recorded Sheikh Zayed Theatre, New Academic Building, LSE. London. 30 June 2011

2011.12.06 Economic Research Council: Clash of the Titans
Memo to UCL: These are the top 3 economics
                    departments in the UK
Royal Institution of Great Britain, London, 06 December 2011

2011.11.20 Blog: Model and supermodel 20 November 2011
‘Who among us wouldn’t prefer that no one giggle in lecture when we say “Victoria’s Secret supermodel”, as we illustrate a point in analyzing demand and supply curves?

2011.11.11 Blog: Is UK social science following a broken model? 11 November 2011. 
(Also  A model US researchers are already rejecting for being outdated, on LSE Impact of Social Sciences, 23 November 2011; Social Science Space, 21 December 2011)

2011.10.29 The Changing World Economic Order
Lecture at Second Tan Chin Tuan Centennial Forum. Beijing, 29 October 2011

2011.10.28 China and the Global Public Good
Lecture at Carnegie-Tsinghua Center for Global Policy, Peking University, and Tsinghua University. Beijing, 28 October 2011.

2011.10.14 Blog: Causal Global Imbalances 14 October 2011
“The problem is not that of a bilateral exchange rate against the RMB but instead of US excess consumption swarming over pretty much all the rest of the global economy.”

2011.10.11 Confucius Institute for Business London Annual Public Lecture: 627 Million Chinese Brought Out Of Poverty: Where Did It All Go Wrong?
From 1981 to 2005 China, on a population base of a billion, succeeded in lifting over 600 million of its citizens out of grinding poverty - this is transformation on a scale never before experienced in all of human history, and larger than total poverty reduction on the entire planet. World poverty reduction has taken place on the back of China's poverty reduction. What other evidence bears out the great shift east in the global economy? What barriers might disrupt further such displacement? Where does the good of the world lie?
Sheikh Zayed Theatre, LSE. London. 1830h Tuesday 12 October 2011
[Youtube] [Video+Podcast] [Slides PDF] [Beaver writeup, 17 Oct 2011]

2011.06.30 The LSE Big Questions Lecture: East beats West?
Sheikh Zayed Theatre, LSE. London. 1300h Thursday 30 June 2011
Subsequent writeup, youtube videos.

2011.06.24 BBC World Service. One Planet. Asia - From Saver to Spender
"China and India have shown that [even] exceptionally large economies can enjoy high rates of economic growth"
Malaysia's guidebook to prosperity

2011.05.30 The Global Herald - The Great Shift East
"As the East continues to rise, everyone must now be asking out loud not just what is good for the West but what is good for the world. You would think.
Yet, practically without challenge, ever greater policy discussion today turns on the West (or the US) retaining international economic dominance: “Is the West history? What must we do to respond?”"

Blog

2011.04.25 8th SER Distinguished Public Lecture: The Shifting Global Balance of Power
NEC, Nanyang Technological University. Singapore. 1730h Monday 25 April 2011

2011.04.25 Malaysia's Position as the Global Economy Moves East
The Edge Malaysia
25 April 2011

2011.04.18 The Shifting Balance of Global Power, China.org
"As the economic center of gravity shifts East, the question should not be what is good for the West, but what is good for the world as a whole."
18 April 2011

2011.04.07 CNN Global Public Square - "World's center of economic gravity shifts east"
[...] is desolate and miserable: it is cold, wet, and hundreds of miles beneath the waves of the Atlantic. If you were to rise straight up to the surface from that depth, there would be absolutely nothing around except thousands of miles of water in every direction.
07 April 2011
[Also, New York Times Catherine Rampell 2011.03.24 | Wall Street Journal Christopher Shea's Ideas Market Blog 2011.03.19 | Financial Times Alphaville 2011.03.23 | John Gapper 2011.03.23 | Economist 2011.03.22.]

2011.03.03 BBC World Service Business Daily - "A Sputnik moment for the US?"
When the Soviet Union beat the USA with the launch of the satellite Sputnik it was a defining moment in the Cold War. America felt it was being eclipsed by the technological might of the communist bloc. So does the rise of the new economies, particularly China, represent another Sputnik moment? Justin Rowlatt discusses this with Will Hutton, author of The Writing On The Wall which examines Western concerns and responses to the rise of China, and Danny Quah, Professor of Economics at London School of Economics.
BBC World Service 0832h Thursday 03 March 2011

2011.01.17 Ralph Milliband Series on the Restructuring of World Power
The tensions of international power restructuring in a shifting global economy
Does economic strength determine global power? How long can under-performing economies continue to claim world political leadership? What pressures arise from such ongoing mismatch? D. Quah presents the arguments and evaluates the evidence on an ongoing world power restructuring now driven by economics unseemly steaming ahead of graceful transition.
LSE, 1830h Monday 17 January 2011
[Podcast (40Mb)] | [3/p handout] | Nottingham University China Policy Institute 01 February 2011

2010.09.27 LSE Research magazine
Power shift: Myth and Reality
Two great tectonic plates are on the move – China and the US – and the rest of the world is struggling to adjust to new realities and new relationships. This historic power shift, its repercussions, and indeed the myths surrounding it are the cover subjects of the Autumn 2010 issue of LSE Research, which brings together four of the most eminent thinkers on the subject: Arne Westad, Michael Cox, Danny Quah, and Niall Ferguson. Additionally, in a special report, Justin Gest, Mina Al-Lami and Kristian Coates Ulrichsen bring us some disturbing news from the front lines of what used to be called the war on terror.

2010.09.13 World Economic Forum 2010 Annual Meeting of the New Champions
Workspace: Sustaining Asia's Economic Leadership
Tianjin China, 0915h Monday 13 September 2010

2010.07.10 LSE Alumni 2000-2004 Reunion Lecture
Will the world belong to Asia in the 21st Century?
In 2001, Goldman Sachs, the investment bank, coined the term BRIC (Brazil, Russia, India, China), arguing that by 2050 their combined economies would overtake that of the world's richest countries. The rise and rise of China has led to talk of the G2, while the continuing emergence of Asia, has led some to predict the predominance of 'Asian values' in the 21st century. Professor Danny Quah, Professor of Economics and Co-Director, LSE Global Governance, examines Asia's phenomenal rise and her impact on the global stage.
Sheikh Zayed Theatre, NAB LSE. London. 1615h Saturday 10 July 2010
[Podcast (42Mb)] | [Slides] | [3/p handout] | Animations: [World economic centre of gravity] | [Global economic growth and poverty dynamics]

2010.06.08 Beijing Alumni Lecture
China in the Global Economy: The New Normal
[Announcement]
The British Embassy Residence, Beijing. 1900h (Advance registration required)
[Runup: China Economic Review 2010.06.11 | China Daily 2010.06.02]

2010.05.28 Shanghai Futures Exchange
The New Global Economic Landscape
Seventh Shanghai Derivatives Market Forum | [First 3 pages... (in Chinese)] [Finance Sina 2010.05.28]
Pudong Shanghai, 1100h 28 May 2010


RECENT WRITING:

2011.01 The Global Economy's Shifting Centre of Gravity
This paper describes the dynamics of the global economy's centre of gravity, the average location of economic activity across geographies on Earth. The calculations here take into account all the GDP produced on this planet. The paper finds that in 1980 the global economy's centre of gravity was mid-Atlantic. By 2008, from the continuing rise of China and the rest of East Asia, that centre of gravity had drifted to a location east of Helsinki and Bucharest. Extrapolating growth in almost 700 locations across Earth, this paper projects the world's economic centre of gravity to locate by 2050 literally between India and China. Observed from Earth's surface, that economic centre of gravity will shift from its 1980 location 9300 km or 1.5 times the radius of the planet.
[PDF; 16 pages, 3 graphs, 1 table, animation, 1589 Kb. Published Global Policy, January 2011 online.
Also in LSE Research issue 2, Autumn 2010, The Independent 2010.09.15 and on my blog [2010.07.30] and Roubini Global Macro, Emerging Markets, and Asia EconoMonitors [2010.08.03].
Further writeups in Wall Street Journal 2011.03.19 | Bill Easterly's AidWatchers 2011.03.22 | The Economist Free Exchange blog 2011.03.22 | Financial Times Alphaville 2011.03.23, Business Blog 2011.03.23 | New York Times's Catherine Rampell Economix 2011.03.24 | 2point6billion.com 2011.03.25 | EconLife 2011.03.27.

2010.05 Post-1990s' East Asian Economic Growth Chapter 1, pp. 19-42, in Takatoshi Ito and Chin Hee Hahn (eds.), "The Rise of China and Structural Changes in Korea and Asia," Edward Elgar, Northampton MA, USA. Working paper version.

2010.05.05 "The Shifting Distribution of Global Economic Activity"
The configuration of economic activity across nations helps determine explicit and implicit systems of global governance: the international financial architecture, patterns of cross-country trade, global capital flows, and, not least, effective global policy-making. But what is known of the dynamics in that global landscape of economic activity? This paper provides an empirical assessment of the hypothesis that the world's spatial distribution of economic activity is secularly drifting from its 20th-century moorings. By considering a range of indicators---the shift in the world's economic centre of gravity, the dynamics of global poverty, decoupling and the emergence of cross-country trade clusters, and the cross-geography relative contribution to world economic growth---this paper quantifies a profound ongoing eastwards trend in global economic activity.
[Complete version available soon; only incomplete draft for now.]

2010.04.22 World Bank Blog: What should the NEM do?
Response to the World Bank's Malaysia Economic Monitor, April 2010

2010.04.14 Blog: Malaysia's new economic model: Making choices
Also in Roubini Global Macro, Emerging Markets, and Asia EconoMonitors; the Business Times, New Straits Times 14 April 2010; the Sin Chew Daily (Chinese language version) 14 April 2010.

2010.04 The Hydra-Headed Crisis (with David Held and Mary Kaldor) Global Policy Journal Online, April 2010

2010.04.02 Blog: Economics is a Martial Art
For many of us, our body language tells students and colleagues that "economic policy-making" is a dirty word. Is that convenient, or an assumption we constantly test?

2010.03.31 Business FM interview: At the launch of Malaysia's New Economic Model
Interview by Khoo Hsien Chun of BFM.
Other press coverage includes: BBC, NYT 2010.03.31, WSJ 2010.03.31, 2010.04.01; Malaysian Insider "political will", "shift from Bumi equity to participation", "tough questions".

2009.12.28 The Collapsed Global Economy 2009: A Year That Wasn't The EDGE Malaysia Issue 787, 28 December 2009 Special Focus

2009.07.17 Blog: Time to Save the World Economy through the Sheer Weight of Numbers
[also on 2009.08.01 RGE Monitor Global Macro, Emerging Markets, Asia EconoMonitor]

2009.05.28 Blog: One Quick Look at the World's Shifting Economic Centre of Gravity

2009.03 LSE IDEAS Special Report: The World Crisis
(with Michael Cox, Howard Davies, David Held, and Kevin Young)

2009.03.23 Rebalancing the global economy The EDGE Malaysia Issue 747 Economics Watch

2009.03.16 What should the G-20 do? The EDGE Malaysia Issue 746 Cover Story

2008.11.16 Blog: Where in the World is Asian Thrift and the Global Savings Glut?
[Also entries on RGE Monitor Global Macro and Asia; and 2008.12.03++ discussion FT Economists' Forum: "Global Imbalances threaten the Survival of Liberal Trade" (by Martin Wolf)]

[Earlier posts...]




MARTIAL ARTS:

I have blogged about martial arts elsewhere, e.g., [2010.04 | 2008.11]. So here are just some videos and photographs.

(2008.02.05) I'm doing a jump spinning hook kick, with Maria Gratsova holding the board. We were raising money at auction for the LSE Development Society.



(2007.05.31) I'm doing a jump spinning back kick. This was at one of the clubs where I train.



Sparring with my instructor

(2007.09.08) Sparring against my instructor: I'm going to end up missing on my jump spinning back kick. And, a split second later, he will hook kick me in the head.



Breaking boards MSS Night 2008

(2008.02.23) Once again, Maria Gratsova and I were raising money, this time at LSE's Malaysian-Singaporean Students Night. I'm doing a high-section jump spinning back kick.



April 2008 - the new high dan blackbelts in St
                  Albans TAGB

(2008.04) One of the nice things about being a blackbelt in taekwon-do is getting to take photographs like this one. My instructor (and I) and others at my club were awarded higher-dan blackbelts at the April grading.





RECENT ACTIVITY: (not mentioned above)

2010.04.30 LSE Alumni Society of Malaysia Lecture Malaysia's New Economic Model: The Next Steps
Facebook | The Star 2010.05.03 | Malaysian Insider 2010.05.01

2010.03.31 Business FM interview: At the launch of Malaysia's New Economic Model
Interview by Khoo Hsien Chun of BFM.
Other press coverage includes: BBC, NYT 2010.03.31, WSJ 2010.03.31, 2010.04.01; Malaysian Insider "political will", "shift from Bumi equity to participation", "tough questions".

18-23 March 2010 The University of Mauritius in collaboration with the LSE Society Trust Fund - Three Public Lectures in Economics
Mauritius. Thursday and Friday, 18-23 March 2010

16 February 2010 21st Century Challenges: how global crises provide the opportunity to transform the world
Launch, LSE Global Governance.
With Tony Giddens, David Held, Mary Kaldor; chaired by Henrietta Moore.
Old Theatre, LSE. 1830h-2000h

12 February 2010 The Collapsed Global Economy: Asia in the 2008 GFC
Saw Centre and Economics Department National University of Singapore
Lecture Theatre 13, NUS, 1600h-1730h [Photos]

03 February 2010 Growth and Development in the Global Economy: Runup to the 2008 Global Financial Crisis [Poster]
Raffles Institution Junior College, Singapore, 1400h-1600h

05 November 2009
CIBL Lecture: China in the Global Economic Crisis | [Presentation 3/page pdf] | [mp3 podcast]
Old Theatre, LSE, 1830h-2000h

22 October 2009
ECPR/LSE Public Lecture Roundtable: A Year after the Collapse of Lehmans: Where does global capitalism go now? | [mp3 podcast] | [video]
LSE and European Consortium of Political Research 'Capital Lecture Series' public debate: with Andrew Gamble and Will Hutton; chaired by Professor Michael Cox, International Relations
Old Theatre, LSE. 1830h-2000h

20 August 2009
Chevening Lecture: China and the Global Economic Recovery
The British Embassy, Beijing

11 July 2009
Progressive London Conference: The Global Economic Crisis
The Rise of the East
Hamilton House, Mabledon Place, London WC1

23 May 2009
Hay Festival of Literature LSE Lecture. With Howard Davies. Banks, Booms, and Busts: Where next for the global economy?
The Guardian Hay Festival - Wales. Sony Screen. 1000h. Fourth day of the Festival | Abu Dhabi National 2009.06.02

18 May 2009 BBC World Service Business Daily Global Economic Imbalances
"Mervyn King, UK's top central banker, warns about what he sees as a cause of the current crisis, the global economic imbalances between savers and spenders, he says we've done nothing to tackle them yet." [mp3]
(also with Harvard's Richard Coooper)
London

13 May 2009
Declining Hegemon? The US in a World of Crisis
LSE IDEAS Roundtable with Professor Michael Cox, International Relations; chair Professor Lord William Wallace
Old Theatre, LSE. 1830h-2000h
[vodcast (scroll to date)] [podcast]

12 May 2009
The future belongs to India, not China (Intelligence Squared Debate)
Speaking for the motion: Gurcharan Das, Deepak Lal, and Mark Tully; speaking against the motion: Lord Charles Powell, DQ, and Sir David Tang
Royal Geographical Society, Ondaatje Theatre, London. 1845h-2030h
[Samay Live 2009.05.13]

05 May 2009
Rising Asia in the World Crisis
Panel discussion, with Athar Hussein and Chen Jian. Chair: Arne Westad
Old Theatre, LSE. 1800h-1930h
[podcast]

[Earlier posts...]



Global economy's shifting centre of gravity Alright, this isn't martial arts. It's my animation of the global economy's shifting center of gravity over the last three decades. (Yep, it's animated again!) The dots in black are 1980-2007; those dots reduced and in red are 2010-2049 [tabulation]. I'm writing about this elsewhere [...Centre of Gravity] | [Shifting Distribution...]. The underlying data comprise economic activity measured over 30 years at approximately 700 points on the globe's surface. The center of gravity calculations are performed in 3-dimensional space and then projected onto the normal cylinder tangent to the planet at the equator. Viewed from the planet's surface the center of gravity has been pulled eastwards three-quarters of the earth's radius over the last 30 years. (Thanks to Google Earth for help with this. To transform a 3-dimensional sphere into an unfolded 2-dimensional flat plane, the mapping is not a Hilbert space projection. For one, the tangent normal cylinder is only locally linear; it is therefore not a linear space. I calculated the dynamics using R; I generated the sequence of world maps in python; and I then used gimp and ImageMagick batch-processing to produce the final animation. The earlier static version is still available and of course is what appears in the ...Centre of Gravitypaper.)




World growth
                    and poverty Oops, OK, this isn't martial arts either. It's my animation of the world's growth and poverty over the last quarter century. I've written about this elsewhere [Life... | Post-1990s'... | Growth and...]. The horizontal axis is per capita GDP measured in thousands of PPP constant (year-2005) US$, from World Development Indicators Online April 2008. The vertical axis is millions of people living at less than PPP constant (year-2005) US$1.25 a day, from the World Bank August 2008. Each bubble is scaled according to population; each bubble grows over time when population increases. The bubbles refer, respectively, to China; East Asia and the Pacific outside of China; Eastern Europe and Central Asia; Middle East and North Africa; India; South Asia outside of India; and Sub-Saharan Africa. For me the most notable features are two: first, the mad dash of the China bubble south-eastwards - higher incomes, lower poverty; second, the upwards percolation of the Sub-Saharan Africa bubble - no growth, ever higher poverty. (Thanks to Delger Enkhbayar for help with this picture.)



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Danny Quah, dq (at) econ (dot) lse (dot) ac (dot) uk
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LSE Economics Department
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