GDP per capita
MacroDefinition
GDP divided by population. Better measure of average prosperity than headline GDP. US: ~$83K (2024). Switzerland: ~$100K. China: ~$13K. India: ~$2.5K.
Convergence theory predicts emerging economies grow faster as they catch up to the productivity frontier. Reality: messier — many countries get stuck in the middle-income trap.
Convergence theory predicts emerging economies grow faster as they catch up to the productivity frontier. Reality: messier — many countries get stuck in the middle-income trap.