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Was the Industrial Revolution Inevitable? Economic Growth over the Very Long Run (2001)
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| Venue: | Advances in Macroeconomics |
| Citations: | 179 - 1 self |
BibTeX
@INPROCEEDINGS{Jones01wasthe,
author = {Charles I. Jones},
title = {Was the Industrial Revolution Inevitable? Economic Growth over the Very Long Run},
booktitle = {Advances in Macroeconomics},
year = {2001}
}
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Abstract
This paper studies a growth model that is able to match two key facts of economic history. First, for thousands of years, the average standard of leaving seems to have risen very little, despite increases in the level of technology and large increases in the level of the popula-tion. Second, after thousands of years of little change, the level of per capita consumption has increased dramatically in less than two cen-turies. Quantitative analysis of the model highlights the importance of increases in the productivity with which a given population produces new ideas as crucial to the observed transition to modern economic growth.
