Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
Upside of Inequality Oxford Unintended Consequences

AI Summary. China's shipbuilding capacity now exceeds the United States' by such a margin that it can build more ships in a month than American yards build in a year, with a workforce estimated at nearly 5x the US level. Chinese yards handled more than 1,700 orders in a year, compared with fewer than five for American shipyards.

Brady Africk and Mackenzie Eaglen Washington Post
Date Posted:

Chinese military spending was likely 3.9% of GDP in 2022, compared to the United States’ 2.9%. @MEaglen and @bradyafr note that “China can now build more ships in a month than the United States can in a year.” @AEIecon

How large is China's shipbuilding advantage over the United States?

Core argument: China can now build more ships in a month than the United States builds in a year, after 18 years of shipbuilding investment, and Beijing aims to keep widening that advantage.

China has been investing so much in shipbuilding over the past 18 years that it can now build more ships in a month than the United States can in a year — and Beijing aims to keep widening its advantage. The data shows a stark divide: China’s shipbuilding workforce is estimated to be nearly five times that of the United States and supports more than 7,000 vessels. Fewer than 200 are serviced by American shipyards — which fulfilled fewer than five orders in 2023, while their Chinese counterparts handled more than 1,700.

Takeaways by Macro Roundup® AI

  1. China can now build more ships in a month than the United States builds in a year, after 18 years of shipbuilding investment, and Beijing aims to keep widening that advantage.
  2. China's shipbuilding workforce is estimated at nearly five times that of the United States and supports more than 7,000 vessels, while American shipyards service fewer than 200.
  3. American shipyards fulfilled fewer than five orders in 2023, compared with more than 1,700 handled by their Chinese counterparts.

Related Articles:

  • China Is Ready for War — China's state-owned defense enterprises now account for four of the world's ten largest companies by combined defense and nondefense revenue — including the two largest, Aviation Industry Corporation of China and China State Shipbuilding — and five of the top 12 by defense revenue alone, up from none in the top 100 a decade earlier.
  • Keeping Up with the Pacing Threat: Unveiling the True Size of Beijing’s Military Spending — China's publicly released military budget understates its spending; adjusting for purchasing power and adding uncounted expenditures, the authors estimate the buying power of China's military budget at $711bn, roughly triple Beijing's stated figure and nearly equal to the United States'. Such parity favors China, whose spending concentrates on Asia while US resources are spread across multiple theaters.
  • China’s Shipyards Are Ready for a Protracted War. America’s Aren’t — China produced more than half of the world's commercial shipbuilding output, while Europe accounts for about 5% and the US next to nothing, with most of the remainder built in South Korea and Japan. Analysts argue that in a protracted conflict China's wartime-scale yards could quickly accelerate production, replace lost ships, and repair damaged ones.
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