The table above helps to put America’s ridiculously large $17.4 trillion economy (GDP in 2014) into perspective by comparing America’s largest 20 metro economies in 2014 based on data released today by the BEA) to the economies of entire countries with similar GDPs in 2014 (IMF data here via Wikipedia).
For example, the larger New York metro area produced almost 8% more economic output last year ($1.55 trillion) than the entire country of Australia ($1.44 trillion) and New York would be the 12th largest economy in the world as a separate nation; the LA metro area produced about the same amount of economic output ($867 billion) in 2014 as the entire country of the Netherlands ($866 billion) and LA would be the 17th largest economy in the world as a separate country; Chicago’s economy ($610 billion) is 6% larger than Nigeria’s ($574 billion) and it would be the 21st largest national economy in the world, etc.
MP: This comparison provides another demonstration of how ridiculously large America’s $17.4 trillion economy really is by showing that the economies of America’s largest metropolitan areas are equivalent in economic size to the GDP of entire countries. In fact, 17 of America’s largest metro economies as separate nations would rank in the top 50 largest economies in the world and all 20 countries above would rank in the world’s 60 largest economies. It’s a demonstration that “free market capitalism is the best path to prosperity” because it was largely free markets and capitalism that propelled the nation from being a minor British colony into an economic superpower and the world’s largest economy, with dozens of metro areas that produce the same amount of economic output as entire countries.
from AEI » Latest Content http://ift.tt/1FfZx4S
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