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THIS year will be the first in which emerging markets account for more than half of world GDP on the basis of purchasing power, according to the International Monetary Fund (IMF).
The world must think in terms not of free trade but of arrangements that will ensure the distribution of limited food supplies in accordance with some criterion of need, rather than solely on the basis of purchasing power.
The BRICS countries have 40% of the world's population and almost 25% of the world's gross domestic product if measured on the basis of purchasing power.
Comparison is made on the basis of purchasing power parity.
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On the basis of purchasing-power parity (ie, relative prices) it does look undervalued.
On the basis of purchasing-power parity (PPP), albeit not the updated figures discussed here, gross national income per head doubled during the decade to 2012, to $4,730.
The fund expects global growth, measured on the basis of purchasing-power parity (PPP), to come down to 3% in 2009, the slowest pace since 2002 and on the verge of what it considers to be a global recession.
By the end of 2011 it will be richer than the European Union average, with a gross domestic product per person of $31,750, calculated on a basis of purchasing-power parity (PPP), compared with $31,550 for the EU.
The costs of purchasing journals on a subscription basis should reduce and our modelling assumes they will reduce as the costs of paying author charges rise.
Furthermore, markers for revealed preferences such as the purchase of over the counter medications, for which some relevant data were available, are prone to the problem of contaminants and confounding factors, and this would have made it difficult to interpret the basis of those purchasing decisions.
He reckons his taste-based alogorithmic modellings are more sophisticated than those used by other online businesses that encourage users to buy products on the basis of past purchases.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com