Nothing stands still

Sources of oil on an annual basis since the mid-1960s. Takes you to 2017. Just watching the total volume of oil production grow over the years is instructive in itself. There is no going back, unless it is going back to the Dark Ages.

And then this one shows the growth in GDP by country. A better, more useful measure is perhaps GDP per capita, but you get the idea.

Far more stability here with China the outlier although there is real reason to doubt the accuracy of their numbers. Also sad to see Australia fall and then eventually drop out of the Top 20 in 2020. Economic management has been abject for many years.

And now I have found the per capita GDP measure which doesn’t end up looking all that meaningful. Australia is there both at the start and at the end but the numbers seem to suggest that having an oil well is the optimal approach to wealth.

And then economic growth ranked one to ten over the years since 1962. Never have I come across such meaningless economic numbers.

Exports, on the other hand, really seem to say something significant.

But imports seem to say something even more accurate. The ability to import is what does make an economy more wealthy. Yet once again a per capita measure seems essential for a more insightful comparison.

With this one you can watch both total GDP and GDP per capita to get a sense of how it matters. It compares Japan, China, South Korea and India, with the UK thrown in as a first world example.

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