The Emergence of the New Economic Order: Growth in the G7 and the G20

17 Pages Posted: 14 May 2014

See all articles by Dale W. Jorgenson

Dale W. Jorgenson

Harvard University - Department of Economics; National Bureau of Economic Research (NBER); Harvard University - Harvard Kennedy School (HKS)

Vu Ming M. Khuong

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy

Date Written: May 06, 2014

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

JEL Classification: O47

Suggested Citation

Jorgenson, Dale W. and Khuong, Vu Ming M., The Emergence of the New Economic Order: Growth in the G7 and the G20 (May 06, 2014). Journal of Policy Modeling, Vol. 35, No. 3, 2013, Lee Kuan Yew School of Public Policy Research Paper No. 14-07, Available at SSRN: https://ssrn.com/abstract=2436802

Dale W. Jorgenson

Harvard University - Department of Economics ( email )

Littauer Center
Room 122
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National Bureau of Economic Research (NBER)

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Harvard University - Harvard Kennedy School (HKS) ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
United States

Vu Ming M. Khuong (Contact Author)

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy ( email )

Singapore 117591
Singapore

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