Today’s Friday Graph is courtesy of prolific chart-maker Mark Perry:
In a New York Times editorial last year titled ‘Learning from Europe’ Paul Krugman wrote:
The story you hear all the time about Europe– of a stagnant economy in which high taxes and generous social benefits have undermined incentives, stalling growth and innovation – bears little resemblance to the surprisingly positive facts. The real lesson from Europe is actually the opposite of what conservatives claim: Europe is an economic success, and that success shows that social democracy works. The European economy works; it grows; it’s as dynamic, all in all, as our own.
The BEA recently released data for the amount of GDP produced by US states in 2010, which allows for an updated comparison with European countries (and Japan and Canada). See the table below (international countries are adjusted for PPP). Key findings:
1. The European Union…
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Utopia, you are standing in it! 
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