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Capitalism caused the huge decline in global poverty

Summary:
The evidence for this claim is so overwhelming that it shouldn’t even be up for debate. Time series evidence, cross sectional, it all points in the same direction. In this old post I explain how we know this. Unfortunately, people continue to deny reality. PS. Noah Smith’s post has an impressive summary of the data on poverty, but he’s wrong about capitalism. Tags:

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The evidence for this claim is so overwhelming that it shouldn’t even be up for debate. Time series evidence, cross sectional, it all points in the same direction. In this old post I explain how we know this.

Unfortunately, people continue to deny reality.

PS. Noah Smith’s post has an impressive summary of the data on poverty, but he’s wrong about capitalism.


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Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

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