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The economic growth that we are used
to, 1%, 2,% 3%, 4%, maybe even, 7%, 8% or even 9% a year, is
a recent phenomonon in the history of the world. Prior to
the beginning of the 17th century, (around 1800) all parts
of the world had similar living standards and these living
standards had not changed much for thousands of years. See
graph below.
Now we expect long term economic
growth and living standards in different parts of the world
to vary significantly.
Why? We will study this and other
econmic growth issues in this lesson.
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