There’s much worrywarting over the new figures from the IMF telling us the fact that China is now the world’s number one economy in terms of size. The truth is though that, other than for collectors of statistical trivia, this really isn’t important. Perhaps on a par with wondering how Lady Gaga is going to dress next but no more than that. Because the whole idea of “an economy” as defined by the borders of a nation state is pretty arbitrary anyway and further, it matters a great deal more how many people that economy is spread over than it does the size of it. Luxembourg’s economy is considerably smaller than that of India but with 400,000 people not 1.4 billion who is living better?