I saw a story today about a new Chinese cancer drug. It retails for 280 USD in China, and for 8,820 USD in America.
American GDP growing 30x the rate of China's, incredible!
American GDP growing 30x the rate of China's, incredible!
it merely shows how much richer americans are compared to the chinese.
A drug is quite often an inelastic good - someone who is dying will, with very high probability, pay the maximum price they could afford for the drug.
Copium and GDP for everyone!
Anyone look at PPP or is that metric too inconvenient?
Edit for the downvoters: China’s 2022 GDP based on PPP is $31.5 trillion vs the USA’s $23 trillion. That’s 37% bigger. Source: https://www.worldeconomics.com/Country-Size/China.aspx
China's GDP (PPP adjusted) is ~USD 33 trillion.
USA's GDP (PPP adjusted) is ~USD 27 trillion.
Those are economies' size measures.