Wednesday, October 08, 2014

Industrial Revolutions and GDP in the countries that led them.

This graph from The Economist relates the rise in GDP per person in 25 year periods to the three industrial revolutions. Note that the last entry is for only 10 years, so that one may hope that the total impact from 2000 to 2025 will be as great or greater than that during quarter centuries in previous industrial revolutions.

I note that growth in these leading economies were greater in the periods after the first two industrial revolutions than during them.

Everyone agrees that a major improvement in one or more of the technological systems can lead to economic progress. The article suggests that it takes a longer time than might be realized for the benefits to be fully realized. It is also clear that the half century between 1950 and 2000 was relatively peaceful, as compared with the previous two quarter centuries, each of which included a world war.

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