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A generation of great international economists is passing from the scene. Richard Cooper, Robert Mundell and John Williamson each made important contributions on a variety of topics including to the ongoing debate about optimal currency arrangements.

There have been few US elections with such a discernible difference in the likely quality of the two candidates' economic policies. In this case, Biden's are better. Post-war Democratic presidents have been significantly better for the US economy than Republicans have. There is every reason to believe that trend will continue if Biden wins on 3 November.

According to a new World Bank report, China’s total income has now surpassed the US’s on a PPP-basis. But on a GDP basis, the US economy is still far ahead of China’s. Both measures have distinct implications for geopolitics, so must be considered separately.