After about 150 years, China is again the largest economy in the world. The US has been the largest economy in the world since about the time of President Abraham Lincoln or maybe Rutherford Hayes (1880).
7 Score and 14 years ago
Madisons GDP estimates go back to 1820. Madsison's GDP numbers indicate that China has been the world's largest economy since about 2009. According to Maddison series, China’s 2010 (when the series ends) GDP is $PPP 10.7 trillion, and US GDP is $PPP 9.4 trillion. China overtook the US in 2009, thus ending a period that began around 1860, when US overtook….whom? China!, to become the number one world economy.
Note: some economic historians believe the US became the number one economy in 1872 and took over that title from the UK. GDP estimates of today can be plus or minus 20-40% as the the 25% adjustment shows. So there is even more difficulty estimating the GDP 150 years ago. However, Maddison and other economic historians did thorough work and so did those involved in the 2011 ICP.
Now the World Bank, IMF and University of Pennsylvania (Penn World Tables) are broadly agreeing on the PPP GDP.
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7 Score and 14 years ago
Madisons GDP estimates go back to 1820. Madsison's GDP numbers indicate that China has been the world's largest economy since about 2009. According to Maddison series, China’s 2010 (when the series ends) GDP is $PPP 10.7 trillion, and US GDP is $PPP 9.4 trillion. China overtook the US in 2009, thus ending a period that began around 1860, when US overtook….whom? China!, to become the number one world economy.
Note: some economic historians believe the US became the number one economy in 1872 and took over that title from the UK. GDP estimates of today can be plus or minus 20-40% as the the 25% adjustment shows. So there is even more difficulty estimating the GDP 150 years ago. However, Maddison and other economic historians did thorough work and so did those involved in the 2011 ICP.
Now the World Bank, IMF and University of Pennsylvania (Penn World Tables) are broadly agreeing on the PPP GDP.
Read more »
