That is true for developed economies no less than for a developing economy like China.

This is true of the global economy as well.

WINDHOEK Namibia is a resource based economy that has embarked on an ambitious development program.

But this is not to say that the global economy is in a safe zone.

This change comes at a crucial time for the world economy.

Not to worry, some economists, say.

This estimate considers people in the informal economy as employed.

The second thing is that the Chinese economy passes the U.S. economy in, let's say, 2030, which it may it, that will be a measure of total economic size, but not of per capita income won't tell you about the composition of the economy.

Part of the reason is economic.

Historically, the secondary sector dominated the economy, but due to rapid urbanisation and economic development, this sector of the economy is slowly diminishing.

This mixed economy model was the crowning achievement of the twentieth century.

This is not to say that the US economy has lost its dynamism.

Look at what this does. This is a simple piece of behavioral economics.

For an economist, this is cause for celebration no cocktail required.

Yet that is not what economics departments are saying nowadays.

When international finance economists sketch this scenario, domestically oriented macroeconomists respond that it sounds like a case of incompetent monetary policy. Why should the Federal Reserve allow long term interest rates to spike just because other central banks have ceased their dollar purchase programs?

This has been the fate of some of our standard macroeconomic policies.

The economics profession bears part of the blame for this.

Not least in all of this, it is the rise of India and of China that is reordering the world economy.

At a time when the global economy is sputtering, we need growth.

I can answer that question only in my own area expertise, economics.

All of this points to the costly skills mismatch at play in today s economy.

But it parallels a general shift in economists opinion.

But this basic principle of macroeconomic management has simply gone out the window.

But thiswon t get the economy going again quickly.

Edmund Phelps, this year s Nobel laureate in economics, has also long advocated it.

In fact, even this did not stimulate the economy enough.

But that is not necessarily reassuring news for the rest of the economy.

And such an economy France is in serious jeopardy.

Economists call that precautionary saving.

Economists call it disguised unemployment.

The economist Paul Krugman calls this the confidence fairy.

The latter is designed for the poorest sectors and the informal sector of the economy.

This contradicts American economists conventional wisdom that fast growing countries should borrow today against their larger future shares in the world economy.

This comparatively benign situation reflects Colombia s relatively favorable macroeconomic conditions.

Thus, the US slowdown affects European exports in two ways.

This has special significance for most developing countries, where hundreds of millions of people operate in the informal economy, accounting for more than half of the economy in some cases.

WINDHOEK Namibia is a resource based economy that has embarked on an ambitious development program. Our vision is to turn Namibia into a knowledge based, diversified economy by 2030.

As every economics student learns early on, monetary policy cannot fix problems in the real economy only policy changes affecting the real economy can.

This promoted inequality, and led to the under regulated financial system s seizure of power over the entire economy, destabilizing the real economy by fatally weakening its capacity to react to external shocks.

So the near term outlook for the US economy is weak at best.

But perhaps this is not too great a deviation, for the behavior of the press affects not only politics, but economics as well.

Of course, such an economy relies crucially on the quality of governance.

The relationship between political economy and policy analysis is not at all like this.

This question constitutes a Rorschach test for policymakers and economists.