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Friday Roundup: Economically shrinking G7, Africa's youth, Chinese labor, Sandy's costs, and Industrial Policy

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This week a new forecast and analysis from the OECD highlights how, by around 2025, China's and india's combined GDP will likely exceed that of all the current Group of 7 rich economies. Read it here.

Mo Ibrahim, entrepreneur and billionaire, talks in a video clip about how the promise and risks inherent Africa's demographic bulge require bringing youth to the table when discussing not just jobs, training and places in top schools, but they should also be in on governance discussions.

In "The End of Cheap Chinese Labor" Christ Blattman stresses that the economic change underlying rising labor costs in the world's most populous nation is enormously important to other developing countries and he links to an article in the latest JEP by three Chinese scholars as well as to a piece by MIT Sloan's Yasheng Huang.

In 'Costs to Come,' The Economist's Free Exchange blog bemoans the US resistance to a tax on carbon and points out the recklessness of such a position, particularly in the wake of superstorm Sandy. Options to build better climate resilience in New York City are discussed, as are economic costs of the disaster crunched by economists at Goldman Sachs as well as Mohamed El-Erian and others are then cited.

Finally, Duncan green asks in From Poverty to Power "What would a global campaign on production and industrial policy look like?". His post draws on a recent keynote speech in the UK by Ha-Joon Chen titled 'Bringing Production Back to Development'.
 

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