By Richard A. Easterlin
Taking an extended view than such a lot literature on fiscal improvement, Richard A. Easterlin stresses the large distinction among the collective adventure of the final part century in either built and constructing international locations and what has long gone ahead of. An financial historian and demographer, the writer writes within the culture of the "new financial history," drawing on financial concept and quantitative proof to interpret the ancient event of monetary conception and inhabitants development. He reaches past the standard disciplinary limits to attract, as applicable, on sociology, political technology, psychology, anthropology, and the historical past of technological know-how. The publication might be of curiosity not just to social scientists yet to all readers fascinated with the place now we have been and the place we're going.". . . Easterlin is either an fiscal historian and a demographer, and it's the blend of those disciplines and the advantageous stability among conception and event that make this well-written, refreshingly positive e-book first-class reading." --Population and improvement Review"In this masterful synthesis, Richard Easterlin attracts at the disciplines of financial heritage, demography, sociology, political technological know-how, psychology, and the background of technology to give an built-in explation of the origins of recent financial progress and of the mortality revolution. . . . His booklet might be simply obtainable to non-specialists and should provide them a feeling of why monetary historical past can tell our knowing of the future." --Dora L. Costa, Massachusetts Institute of expertise, EH.Net and H-Net"Growth victorious is, easily, a desirable publication. Easterlin has woven jointly a background of monetary development, monetary improvement, human mortality and morbidity, the connections every one has with the others, and the consequences of this nexus of forces at the destiny. . . . This e-book merits a large audience." --Choice"In what needs to definitely be the main fair-minded, well-balanced, and scrupulously reasoned and researched booklet at the sensational topics implied in its title--the business Revolution, the mortality and fertility revolutions, and the customers for destiny happiness for the human race--Professor Easterlin has set in position the capstone of his examine career." --Journal of monetary HistoryRichard A. Easterlin is Professor of Economics, college of Southern California.
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Additional info for Growth Triumphant: The Twenty-first Century in Historical Perspective (Economics, Cognition, and Society)
Example text
These measures have their shortcomings. Any total output measure such as real GDP per capita reflects certain value judgments about what to include as the economy's final product. The boundary between legal and illegal products, for example, is not uniform in time and space. There are also statistical biases-production for home consumption, for example, is covered less fully and less consistently than output that flows through markets. Hence, the rate of economic development cannot be measured with the same scientific precision as, say, the output of steel.
But the obstacles imposed by physical distance have been drastically reduced by technological developments in transport and communication. By 1950, the speed of international travel had increased more than a hundredfold compared with what it was at the beginning of the nineteenth century, and the international transmission of messages had become virtually instantaneous. In the area of economic relations, the physical volume of international trade rose almost sixfold from 1750 to 1850 and more than twentyfold in the ensuing century through 1950.
It is commonly said that the expansion in trade was an exchange chiefly of industrial products produced in the developed countries for primary products produced in the Third World. In fact, however, most of the trade expansion in the nineteenth century was an exchange of industrial for primary products within the developed group itself. In the half century before World War I, twothirds of the world's primary product exports came from European countries, the United States, and Canada. Moreover, many of the primary products exported from the Third World were not staples such as grain but tropical products previously regarded as luxuries, such as sugar, tea, coffee, tobacco, and co- 42 Growth Triumphant coa, for which demand grew as incomes rose in the developed group.