Latin America. B First World refers to Europe, Russia, the United States, Canada, and Japan. 1–2008 (Maddison) The following estimates are taken exclusively from the 2007 monograph Contours of the World Economy, 1–2030 AD by the British economist Angus Maddison. When graphed, one can see China is reasserting its position as the world's largest economy, which it had lost around 1890. There was little difference in GDP per capita based on level of development in earlier eras, so in 1500, China was the largest economy in the world, followed closely by India. A From 1 AD to 1913 AD, India includes modern Pakistan and Bangladesh. From 1950 onwards, India refers only to the modern Republic of India. Maddison' assumptions have been both admired and criticized by academics and journalists. By Bryan Haig, who has characterized Maddison's figures for 19th century Australia as "inaccurate and irrelevant", by W. W. Rostow, according to whom "this excessive macroeconomic bias also causes him (Maddison) to mis-date, in my view, the beginning of what he calls the capitalist era at 1820 rather than, say, the mid-1780s." W. J. MacPherson has described Maddison's work on early medieval India of using "dubious comparative data." Maddison's estimates have also been critically reviewed and revised by the Italian economists Giovanni Federico and Elio Lo Cascio/Paolo Malanima (see below). However, economist and journalist Evan Davis has praised Maddison's research by citing it as a "fantastic publication" and that it was "based on the detailed scholarship of the world expert on historical economic data Angus Maddison." He also added that "One shouldn't read the book in the belief the statistics are accurate to 12 decimal places." Europe 1830–1938 (Bairoch) The following estimates were made by the economic historian Paul Bairoch. Contrary to most other estimates on this page, the GNP (at market prices) is given here in 1960 US dollars. Unlike Maddison, Bairoch allows for the fluctuation of borders, basing his estimates mostly on the historical boundaries at the given points in time. 1500–1870 (Lo Cascio/Malanima) The following estimates are taken from a revision of Angus Maddison's numbers for the whole of Europe by the Italian economists Elio Lo Cascio and Paolo Malanima. According to their calculations, the basic level of European GDP (PPP) was historically higher, but its increase was less pronounced. Empires Indian empires (1–1947 CE) Angus Maddison's below GDP estimates for Indian subcontinent (including modern Pakistan and Bangladesh)