Editors’ Picks — August 11, 2013

This week in Editors’ Picks we take a look at an illustration of 26 years of growth, an increasing income gap in the US, the outlandish levels of debt in Japan, the concept of Gross National Happiness, and private health insurance rebates. Read on to find out what’s trending in the world of economics.

26 Years of Growth: Shanghai Then and Now – Carlos Barria

Reuters photographer Carlos Barria has recently spent time in Shanghai, China. In a true testament to the wonders of China’s astounding growth over the past few years, he recreated a photograph taken in 1987 to illustrate how much of a difference 26 years of economic growth can make.

Inequality Is Holding Back the Recovery – Joseph Stiglitz

Joseph Stiglitz provides a compelling argument for the self-sustaining inequality depressing America’s economy. Weak consumer spending, little investment, falling incomes and soaring tuition fees have created a precarious confection of economic disaster. The Nobel Laureate explains the pressing necessity of tearing out the splinter of financial disparity.

Japan’s Debt Looks Like This: 1,000,000,000,000,000 Yen – John Schwartz

The contemporary state is no stranger to debt, but as of June 30th, Japan reached a new milestone. John Schwartz offers an entertaining insight into grasping exactly how much debt is “a lot” of debt – particularly when it reaches a number so uncommonly large, that there isn’t even a universal term.

Gross National Happiness in Bhutan – Annie Kelly

GDP, a classic economic indicator of progress, has been rejected by Bhutan in favour of something far more lucrative – national happiness. But the difference is much more than statistical. The Gross National Happiness Index is a philosophical choice with significant social ramifications and Annie Kelly tells us why.

Why it’s time to remove private health insurance rebates – Terence Cheng

Terence Cheng delivers a constructive review of the diminishing need for private health insurance rebates. The introduction of means testing and the potential savings from the reduction of rebates delivers an impact that could be more beneficial than one would expect.