Prime Minister Mishustin revealed new updated statistics on Russian economic performance for 2023 and 2024 along with the news that real wage growth stayed well ahead of the rate of inflation that Putin warmly welcomed.
You might find this peculiar me being a British person. But these financial results make me so happy you wouldn't believe it. I'm really happy for all Russians. Well done to everyone.
"In the 1990s, the economy performed so poorly it had become an embarrassment. To hide the truth from the public, Washington rigged the formulas for calculating unemployment, inflation, and GDP growth, turning a sow’s ear into a silk purse. Worse Than You Think reveals the true numbers by recalculating the data, using the formulas before they were rigged.
What the recalculation reveals is this. By 2008, the typical wage had shrunk to one-third of what it was in 1973. This is why it now takes two bread winners and a maxed out credit card to make it in today’s economy. This has not been easy to do. For one thing, unemployment has been painfully high......"
Search amazon for: Worse Than You Think Quincy Kindle. Book can be downloaded for 99 cents to kindle which would make it a good selection for courses. Book on political economy.
Today there was a substack posted by Roger Boyd
"Is the average Chinese already better off than the average American?
Real wage growth; that's a huge positive that allows an increasing standard of living. It would be interesting to see how it's been distributed because in the west wealth has been moving in the upwards direction. From previous reports skilled labour demand is increasing which is where income improvement should be improving most.
On the positive side Russia's infrastructure developments and focus on ensuring regional growth runs counter to many western states where the metropole, e.g. London in the UK accounts for most of the wealth/income etc.
One of Russia’s national goals is to attain a more even distribution fo wealth, particularly since in the East most things cost more, and that also goes along with a better spatial population distribution. The way things are moving in Russia, most workers are going to be skilled professionals because the economy demands that level of expertise. If Russia can solve its migrant worker issues, it can avoid the problems of a two-tiered economy, but the migrants must be motivated to become professionals too.
Yes, regional development, and distribution of manufacturing. I'd like to see processes that can localised vs central hub with distribution to dependent nodes. Chinese EV companies have high levels of vertical integration, but this doesn't necessarily require that the whole process is centralised into one location/factory.
I think the government is correct in addressing family formation as I see importing people as a short/medium term solution.
I know that Russia has discussed moving a significant amount of state owned enterprises out of Moscow to achieve more balanced regional growth. Has that started happening on a large scale?
Roshydro was the first to relocate. Others will follow while some are too entrenched. Part of the development planning for the Far East and Arctic is to create new institutions based in those regions, like that for trade with China and the geological exploration of those regions. The new major university cluster in Vladivostok and planting of engineering schools is also part of the process. The idea is to spread the high salaried nature of the Moscow region to other regions as part of the plan to equalize the earnings base and make other cities and regions as attractive as Moscow for Russians.
You might find this peculiar me being a British person. But these financial results make me so happy you wouldn't believe it. I'm really happy for all Russians. Well done to everyone.
Both Russia and China are showing what’s possible—there’re pathways to a better future.
There certainly is, hopefully both Russia & China show the way forward.
Meanwhile USA in a book published in 2012
"In the 1990s, the economy performed so poorly it had become an embarrassment. To hide the truth from the public, Washington rigged the formulas for calculating unemployment, inflation, and GDP growth, turning a sow’s ear into a silk purse. Worse Than You Think reveals the true numbers by recalculating the data, using the formulas before they were rigged.
What the recalculation reveals is this. By 2008, the typical wage had shrunk to one-third of what it was in 1973. This is why it now takes two bread winners and a maxed out credit card to make it in today’s economy. This has not been easy to do. For one thing, unemployment has been painfully high......"
Search amazon for: Worse Than You Think Quincy Kindle. Book can be downloaded for 99 cents to kindle which would make it a good selection for courses. Book on political economy.
Today there was a substack posted by Roger Boyd
"Is the average Chinese already better off than the average American?
Not yet, but ...
Roger Boyd Feb 07, 2025"
https://rogerboyd.substack.com/p/is-the-average-chinese-already-better
High base cost in the US makes most of our products uncompetitive on the world market
***
I am assuming that Russia has more truthful economic statistics than the US. They track projections year over year
Real wage growth; that's a huge positive that allows an increasing standard of living. It would be interesting to see how it's been distributed because in the west wealth has been moving in the upwards direction. From previous reports skilled labour demand is increasing which is where income improvement should be improving most.
On the positive side Russia's infrastructure developments and focus on ensuring regional growth runs counter to many western states where the metropole, e.g. London in the UK accounts for most of the wealth/income etc.
One of Russia’s national goals is to attain a more even distribution fo wealth, particularly since in the East most things cost more, and that also goes along with a better spatial population distribution. The way things are moving in Russia, most workers are going to be skilled professionals because the economy demands that level of expertise. If Russia can solve its migrant worker issues, it can avoid the problems of a two-tiered economy, but the migrants must be motivated to become professionals too.
Yes, regional development, and distribution of manufacturing. I'd like to see processes that can localised vs central hub with distribution to dependent nodes. Chinese EV companies have high levels of vertical integration, but this doesn't necessarily require that the whole process is centralised into one location/factory.
I think the government is correct in addressing family formation as I see importing people as a short/medium term solution.
Here’s something you probably haven’t read. https://www.globaltimes.cn/page/202502/1327763.shtml
My wife requested my Seafood Chowder since we’re stuck in a frigid spell and soup is a huge winner. I’m thinking e-commerce with delivery.
I know that Russia has discussed moving a significant amount of state owned enterprises out of Moscow to achieve more balanced regional growth. Has that started happening on a large scale?
Roshydro was the first to relocate. Others will follow while some are too entrenched. Part of the development planning for the Far East and Arctic is to create new institutions based in those regions, like that for trade with China and the geological exploration of those regions. The new major university cluster in Vladivostok and planting of engineering schools is also part of the process. The idea is to spread the high salaried nature of the Moscow region to other regions as part of the plan to equalize the earnings base and make other cities and regions as attractive as Moscow for Russians.
Very useful. Ta. D.